BRITISHVIRGINISLANDS THEBVIBUSINESSCOMPANIESACT NO.16OF2004) AMENDEDANDRESTATEDMEMORANDUM ANDARTICLESOFASSOCIATION OF E-CommoditiesHoldingsLimited Amendedonthe23rddayofAugust,2016byMinutesoftheExtraordinary GeneralMeetingoftheShareholdersdated1stAugust,2016. Amendedandrestatedthis14thdayofMarch,2017. BCNo.1431969 Incorporatedthis17thdayofSeptember2007 KIH/656361-000001/9564405v1 TERRITORYOFTHEBRITISHVIRGINISLANDS THEBVIBUSINESSCOMPANIESACT,2004 MEMORANDUMOFASSOCIATION OF E-CommoditiesHoldingsLimited TheCompanyshallhaveaforeigncharacternameinadditiontoitsEnglishname E-CommoditiesHoldingsLimited) 1 CompanyName 1.1 ThenameoftheCompanyisE-CommoditiesHoldingsLimited().( The Companyshallhaveaforeigncharactername inadditiontoits EnglishnameE-CommoditiesHoldingsLimited) 1.2 ThemembersmayfromtimetotimechangetheCompanys' namebySpecialResolutionof Members.TheDirectorsshallgivenoticeofsuchresolutiontotheregisteredagentofthe Company,fortheregisteredagenttofileanapplicationforchangeofnamewiththeRegistrar,andanysuchchangewilltakeeffectfromthedateofthecertificateofchangeofnameissuedbytheRegistrar. 1.3 AchangeofnameoftheCompanyshallconstituteanamendmentoftheMemorandumand ArticlesandintheeventofaresolutionbeingpassedtochangethenameoftheCompany,theprovisionsbelowinrespectofamendmentstotheMemorandumandArticlesmustbecompliedwith. 2 CompanyLimitedbyShares,LiabilityofMembers 2.1 TheCompanyisacompanylimitedbyshares. 2.2 Theliabilityofeachmemberislimitedto: a) theamountfromtimetotimeunpaidonthatmembers' shares; b) anyliabilityexpresslyprovidedforintheMemorandumortheArticles;and c) anyliabilitytorepayadistributionpursuanttosection58(1)oftheAct. 3 RegisteredOffice 3.1 ThefirstregisteredofficeoftheCompanyissituatedatAkaraBldg.,24DeCastroStreet, WickhamsCay1,RoadTown,Tortola,BritishVirginIslands.Thecurrentregisteredofficeof KIH/656361-000001/9564405v1 2 theCompanyissituatedatNerineTrustCompany(BVI)Limited,NerineChambers,POBox 905,RoadTown,Tortola,BritishVirginIslands. 3.2 TheDirectorsormembersmayfromtimetotimechangetheCompanys' registeredofficeby ResolutionofDirectorsorResolutionofMembers,providedthattheCompanys' registered officeshallatalltimesbetheofficeoftheregisteredagent.TheDirectorsshallgivenoticeofsuchresolutiontotheregisteredagentoftheCompany,fortheregisteredagenttofilewiththeRegistraranoticeofchangeofregisteredoffice,andanysuchchangeofregisteredofficewilltakeeffectfromthedateoftheregistrationbytheRegistrarofsuchnotice. 4 RegisteredAgent 4.1 ThefirstregisteredagentoftheCompanyisMossackFonseca&Co.B( .V.I.)Ltd.ofP.O.Box 3136,RoadTown,Tortola,BritishVirginIslands.ThecurrentregisteredagentoftheCompany isNerineTrustCompany(BVI)Limited. 4.2 TheDirectorsormembersmayfromtimetotimechangetheCompanys' registeredagentby ResolutionofDirectorsorResolutionofMembers.TheDirectorsshallgivenoticeofsuch resolutiontotheregisteredagentoftheCompany(meaningtheexistingregisteredagent),for theregisteredagenttofilewiththeRegistraranoticeofchangeofregisteredagent,andanysuchchangeofregisteredagentwilltakeeffectfromthedateoftheregistrationbytheRegistrarofsuchnotice. 4.3 IftheexistingregisteredagentdoesnotfilesuchnoticeoninstructionbytheDirectors,the DirectorsshallprocurethatanoticeofchangeofregisteredagentisfiledwiththeRegistrarbyalegalpractitionerintheBritishVirginIslandsactingonbehalfoftheCompany,andanysuchchangeofregisteredagentwilltakeeffectfromthedateoftheregistrationbytheRegistrarofsuchnotice. 5 GeneralObjectsandPowers 5.1 SubjecttothefollowingprovisionsofthisMemorandum,theobjectsforwhichtheCompanyis establishedareunrestrictedandtheCompanyshallhavefullpowerandauthoritytocarryoutanyobjectnotprohibitedbytheActoranyotherlawoftheBritishVirginIslands. 5.2 TheCompanyhasnopowerto: a) carryonbankingortrustbusiness,unlessitislicensedtodosoundertheBanksand TrustCompaniesAct,1990; b) carryonbusinessasaninsuranceorasareinsurancecompany,insuranceagentor insurancebroker,unlessitislicensedorauthorisedtodosoundertheInsuranceAct, 1994; c) carryonthebusinessofcompanymanagementunlessitislicensedtodosounderthe CompaniesManagementAct,1990; d) carryonthebusinessofprovidingtheregisteredofficeortheregisteredagentfor companiesincorporatedintheBritishVirginIslandsunlessitislicensedtodosounder theBanksandTrustCompaniesAct,1990;or e) carryonthebusinessasamutualfund,mutualfundmanagerormutualfund administratorunlessitislicensedtodosoundertheMutualFundsAct,1996. 5.3 Withoutlimitingtheforegoing,thepowersoftheCompanyincludethepowertodothefollowing: KIH/656361-000001/9564405v1 3 a) grantoptionsoverunissuedsharesintheCompanyandtreasuryshares; b) issuesecuritiesthatareconvertibleintoshares; c) givefinancialassistancetoanypersoninconnectionwiththeacquisitionofthe Companys' ownshares; d) issuedebtobligationsofeverykindandgrantoptions,warrantsandrightstoacquire debtobligations; e) guaranteealiabilityorobligationofanypersonandsecureanyofitsobligationsby mortgage,pledgeorothercharge,ofanyofitsassetsforthatpurpose;and f) protecttheassetsoftheCompanyforthebenefitoftheCompany,itscreditorsandits membersand,atthediscretionoftheDirectors,foranypersonhavingadirectorindirect interestintheCompany. 6 MaximumNumberofAuthorisedShares 6.1 TheCompanyisauthorisedtoissueamaximumof60, 00,000,000ordinarysharesofoneclass withnoparvalue. 6.2 ThemembersmayfromtimetotimebyResolutionofMembersincreasethemaximumnumber ofsharestheCompanyisauthorisedtoissue,byamendmenttotheMemoranduminaccordancewiththeprovisionsbelow. 7 RightsConferredbyShares 7.1 EachshareintheCompanyconfersontheholder: a) therighttoonevoteonanyResolutionofMembersorSpecialResolutionofMembers; b) therighttoanequalshareinanydividendpaidbytheCompanyinaccordancewiththe Act;and c) therighttoanequalshareinthedistributionofthesurplusassetsoftheCompany. 7.2 IfatanytimetheCompanyisauthorisedtoissuesharesofmorethanoneclasstherights attachedtoanyclass(unlessotherwiseprovidedbythetermsofissueofthesharesofthat class)may,whetherornottheCompanyisbeingwoundup,bevariedonlywiththeconsentinwritingoftheholdersofnotlessthanthree-fourthsinnominalvalueoftheissuedsharesofthatclassorwiththesanctionofaSpecialResolutionofMemberspassedataseparatemeetingoftheholdersofsharesofthatclass.ToeverysuchseparatemeetingalltheprovisionsoftheArticlesrelatingtogeneralmeetingsshallmutatismutandisapply,butsothatthequorumforthepurposesofanysuchseparatemeetingandofanyadjournmentthereofshallbeaperson orpersonstogetherholding(orrepresentingbyproxyordulyauthorisedrepresentative)atthedateoftherelevantmeetingnotlessthanone-thirdinnominalvalueoftheissuedsharesofthatclass. 7.3 Therightsconferredupontheholdersofthesharesofanyclassissuedwithpreferredorother rightsshallnot,unlessotherwiseexpresslyprovidedbythetermsofissueofthesharesofthatclass,bedeemedtobevariedbythecreationorissueoffurthersharesrankingparipassutherewith. KIH/656361-000001/9564405v1 4 7.4 TheprovisionsofSection46oftheActshallapplyinrelationtotheissueofsharesofanyclass intheCompany. 8 RegisteredSharesOnly SharesintheCompanymayonlybeissuedasregisteredsharesandtheCompanyisnot authorisedtoissuebearershares.Registeredsharesmaynotbeexchangedforbearersharesorconvertedtobearershares. 9 AmendmentstotheMemorandumandArticles 9.1 SubjecttotheprovisionsoftheAct,themembersmayfromtimetotimeamendthe MemorandumorArticlesbySpecialResolutionofMembers,exceptthemembersmayfromtimetotimeamendtheMemorandumorArticlestoincreasethemaximumnumberofshares theCompanyisauthorisedtoissuebyResolutionofMembers.TheDirectorsshallgivenoticeofsuchresolutiontotheregisteredagentoftheCompany,fortheregisteredagenttofilewiththeRegistraranoticeoftheamendmenttotheMemorandumorArticles,orarestatedmemorandumandarticlesofassociationincorporatingtheamendment(s)made,andanysuchamendmenttotheMemorandumorArticleswilltakeeffectfromthedateoftheregistrationbytheRegistrarofthenoticeofamendmentorrestatedmemorandumandarticlesofassociationincorporatingtheamendment(s)made. 9.2 TheDirectorsshallnothavethepowertoamendtheMemorandumorArticles. 9.3 Achangeofregisteredofficeorregisteredagentshallnotconstituteanamendmentofthe MemorandumorArticles. 9.4 AnamendmenttotheMemorandumorArticleswhichwouldhavetheeffectofvaryingtherights oftheholdersofaclassofsharesmayonlybemadeinaccordancewiththeprovisionsoftheMemorandumandArticlesrelatingtothevariationofclassrights. 10 DefinitionsandInterpretation 10.1 Inthismemorandumofassociationandtheattachedarticlesofassociation: Act" shallmeantheBVIBusinessCompaniesAct,2004ofthe BritishVirginIslandsandanyamendmenttheretoorre- enactmentsthereofforthetimebeinginforceandincludes everyotherlawincorporatedtherewithorsubstituted therefor. Articles" shallmeantheCompanys' articlesofassociationas attachedtothisMemorandum,and"Article"shallbe construedaccordingly. Associates" shallmean,inrelationtoanyDirector: i) hisspouseandanyofhisorhisspouses' childrenor step-children,naturaloradopted,undertheageof 18t(ogether,the"familyinterests"); ii) thetrustees,actingintheircapacityassuchtrustees, ofanytrustofwhichheoranyofhisfamilyinterests isabeneficiaryor,inthecaseofadiscretionarytrust, ist(ohisknowledge)adiscretionaryobject; KIH/656361-000001/9564405v1 5 iii) anycompanyintheequitycapitalofwhichhe,his familyinterests,and/oranyofthetrusteesreferred toinparagraph(ii)above,actingintheircapacityas suchtrusteestakentogetheraredirectlyorindirectly interested(otherthanthroughtheirrespective interestsinthesharesoftheCompany)soasto exerciseorcontroltheexerciseof30%o( rsuch otheramountasmayfromtimetotimebespecified intheHKCodeonTakeoversandMergersasbeing thelevelfortriggeringamandatorygeneraloffer)or moreofthevotingpoweratgeneralmeetings,orto controlthecompositionofamajorityoftheboardand anyothercompanywhichisitssubsidiary;and iv) anyotherpersonswhowouldbedeemedtobean Associate"oftheDirectorundertheListingRules. Auditors" shallmeanthepersonsappointedbytheCompanyfromtime totimetoperformthedutiesofauditorsoftheCompany. Board" shallmeanthemajorityoftheDirectorspresentandvoting atameetingofDirectorsatwhichaquorumispresent. Chairman" shallmeantheChairmanpresidingatanymeetingof membersoroftheBoard. CompaniesOrdinance" shallmeantheCompaniesOrdinance(Cap.32oftheLaws ofHongKong)asinforcefromtimetotime. Company" shallmeanE-CommoditiesHoldingsLimited( TheCompanyshallhaveaforeign charactername inadditiontoits EnglishnameE-CommoditiesHoldingsLimited) Companys' Website" shallmeanthewebsiteoftheCompany,theaddressor domainnameofwhichhasbeennotifiedtomembers. Director" shallmeananydirectorfromtimetotimeoftheCompany. dollars"and"HK$" shallmeandollarslegallycurrentinHongKong. electronic" shallhavethemeaninggiventoitintheElectronic TransactionsAct. electronicmeans" includessendingorotherwisemakingavailabletothe intendedrecipientsofthecommunicationinelectronic format. ElectronicSignature" shallmeananelectronicsymbolorprocessattachedtoor logicallyassociated withanelectroniccommunication and executedoradoptedbyapersonwiththeintenttosignthe electroniccommunication. KIH/656361-000001/9564405v1 6 ElectronicTransactions shallmeanstheElectronicTransactionsAct,2001ofthe Act" BritishVirginIslandsandanyamendmenttheretoorre- enactmentsthereofforthetimebeinginforceandincludes everyotherlawincorporatedtherewithorsubstituted therefor. Exchange" shallmeanTheStockExchangeofHongKongLimited. HKCodeonTakeovers shallmeantheCodeonTakeoversandMergersissuedby andMergers" theSecuritiesandFuturesCommissionofHongKongas amendedfromtimetotime. holdingcompany" shallhavethemeaningattributedtosuchterminthe CompaniesOrdinance. ListingRules" shallmeantheRulesGoverningtheListingofSecuritieson theExchangeasamendedfromtimetotime. members" shallmeanthepersonswhoaredulyregisteredasthe holdersfromtimetotimeofsharesintheregisterincluding personswhoarejointlysoregistered. Memorandum" association. month shallmeanacalendarmonth. principalregister" shallmeantheregisterofmembersoftheCompany maintainedatsuchplacewithinoroutsidetheBritishVirgin IslandsastheBoardshalldeterminefromtimetotime. publishedinthe shallmeanpublishedasapaidadvertisement inEnglishin newspapers" atleastoneEnglishlanguagenewspaperandinChinesein atleastoneChineselanguagenewspaper,beingineach caseanewspaperpublisheddailyandcirculatinggenerally inHongKonginaccordancewiththeListingRules. publishedonthe shallmeanpublishedinEnglishandChineseonthe rdancewiththeListingRules; recognisedclearing shallhavethemeaningascribedtheretoinPartIofSchedule house" 1oftheSecuritiesandFuturesOrdinanceofHongKongand anyamendmentstheretoorre-enactmentsthereofforthe timebeinginforceandincludeseveryotherlawincorporated therewithorsubstitutedtherefor. register" shallmeantheprincipalregisterandanybranchregisters. Registrar" shallmeantheRegistrarofCorporateAffairsappointed undertheAct. ResolutionofDirectors" shallmeanaresolutionbythemajorityoftheDirectorsofthe CompanypassedeitheratameetingofDirectors,orbyway KIH/656361-000001/9564405v1 7 ofaWrittenResolution,ineithercaseinaccordancewiththe provisionsoftheArticles. ResolutionofMembers" shallmeanaresolutionpassedbyasimplemajorityofthe votesofsuchmembersoftheCompanyas,beingentitledto doso,voteinpersonor,whereproxiesareallowed,byproxy or,inthecaseofcorporations,bytheirdulyauthorised representatives,atageneralmeetingheldinaccordancewith theArticles,orbywayofaWrittenResolution,ineithercasein accordancewiththeprovisionsoftheArticles. seal" shallincludethecommonsealoftheCompany,the securitiessealoranyduplicatesealadoptedbythe CompanypursuanttoArticle20.2. Secretary" shallmeanthepersonappointedascompanysecretaryby theBoardfromtimetotime. SpecialResolutionof shallmeanaresolutionpassedbyamajorityofnotlessthan Members" three-fourthsofthevotesofsuchmembersas,beingentitled todoso,voteinpersonorwhereproxiesareallowed,by proxyatameetingofmembers,orbywayofaWritten Resolution,ineithercaseinaccordancewiththeprovisions oftheArticles; subsidiary" shallhavethemeaningattributedtosuchterminthe CompaniesOrdinance,butinterpretingtheterm"subsidiary" inaccordancewiththedefinitionofs"ubsidiary"underthe ListingRules. transferoffice" shallmeantheplacewheretheprincipalregisterissituate forthetimebeing. WrittenResolution" shallmeanaresolutionofmembersorDirectors(as applicable)consentedtoinwritingorbytelex,telegram, cableorotherwrittenelectroniccommunication,withoutthe needforanynotice.AWrittenResolutionmayconsistof severaldocuments,includingwrittenelectronic communications,inlikeformeachsignedorassentedtoby oneormoremembersorDirectors(asapplicable).AWritten Resolutionshallbepassedifsoconsentedbyallofthose membersorDirectors(asapplicable)entitledtovoteonthe resolution. 10.2 InthisMemorandumandtheArticles: a) wordsandexpressionsdefinedintheActshallhavethesamemeaningand,unless otherwiserequiredbythecontext,thesingularshallincludethepluralandviceversa, themasculineshallincludethefeminineandtheneuterandreferencestopersonsshall includecorporationsandallentitiescapableofhavingalegalexistence; b) referencetoaprovisionoflawisareferencetothatprovisionasextended,applied, amendedorre-enactedandincludesanysubordinatelegislation; KIH/656361-000001/9564405v1 8 c) theheadingsandthemarginalnotesareforconvenienceonlyandshallnotaffectthe constructionoftheMemorandumorArticles; d) referencetoathingbeing"written"or"inwriting"includesallformsofwriting,including allelectronicrecordswhichsatisfytherequirementsoftheElectronicTransactionsAct, 2001;and e) referencetoathingbeing"signed"ortoapersons's"ignature"shallincludereference toanelectronicsignaturewhichsatisfiestherequirementsoftheElectronic TransactionsAct,2001,andreferencetotheCompanys's"eal"shallincludereference toanelectronicsealwhichsatisfiestherequirementsoftheElectronicTransactionsAct, 2001. We,MOSSACKFONSECA&CO.B( V. .I.)LTD.,ofPO. .Box3136,RoadTown,Tortola,BritishVirgin IslandsforthepurposeofincorporatingaBVIBusinessCompanyunderthelawsoftheBritishVirginIslandsherebysignthisMemorandumofAssociationthe1t7hdayofSeptember,2007. Incorporator Sgd.RosemarieFlax RosemarieFlax AuthorisedSignatory MOSSACKFONSECA&CO.B( .V.I.)LTD. KIH/656361-000001/9564405v1 9 TERRITORYOFTHEBRITISHVIRGINISLANDS THEBVIBUSINESSCOMPANIESACT,2004 ARTICLESOFASSOCIATION OF E-CommoditiesHoldingsLimited KIH/656361-000001/9564405v1 TABLEOFCONTENTS 1AUTHORISEDSHARESANDMODIFICATIONOFRIGHTS......1...... 2REGISTEROFMEMBERSANDSHARECERTIFICATES......4...... 3LIEN......6...... 4CALLSONSHARES......7...... 5TRANSFEROFSHARES......8...... 6TRANSMISSIONOFSHARES......9...... 7FORFEITUREOFSHARES......1...0...... 8ALTERATIONOFAUTHORISEDSHARES......1...1...... 9BORROWINGPOWERS......1...1...... 10GENERALMEETINGS......1...2...... 11PROCEEDINGSATGENERALMEETINGS......1...3...... 12VOTESOFMEMBERS......1...5...... 13REGISTEREDOFFICE......1..7...... 14BOARDOFDIRECTORS......1...7...... 15MANAGINGDIRECTORS......2..2...... 16MANAGEMENT......2...3...... 17MANAGERS......2...4...... 18PROCEEDINGS OFDIRECTORS......2...4...... 19SECRETARY......2...6...... 20GENERALMANAGEMENTANDUSEOFTHESEAL......2...6...... 21APPLICATIONOFRESERVES......2....7...... 22DISTRIBUTIONS......2...8...... 23UNTRACEABLEMEMBERS......3...3...... 24DOCUMENTDESTRUCTION......3..4...... 25ANNUALRETURNSANDFILINGS......3...5...... 26ACCOUNTS......3...5...... 27AUDIT......3..7...... 28NOTICES......3...7...... 29INFORMATION......3..9...... 30WINDINGUP......3...9...... 31INDEMNITIES......4..0...... 32FINANCIALYEAR......4..0...... 33AMENDMENTOFMEMORANDUMANDARTICLES......4..0...... KIH/656361-000001/9564405v1 TERRITORYOFTHEBRITISHVIRGINISLANDS THEBVIBUSINESSCOMPANIESACT,2004 ARTICLESOFASSOCIATION OF E-CommoditiesHoldingsLimited TheCompanyshallhaveaforeigncharacternameinadditiontoitsEnglish nameE-Commodities Holdings Limited) 1 AuthorisedSharesandModificationofRights Authorised 1.1 TheCompanyisauthorisedtoissueamaximumof6,000,000,000ordinarysharesofone Shares App3 classwithnoparvalue. r.9 1.2 SubjecttotheprovisionsoftheseArticlesandtoanydirectionthatmaybegivenbythe Issueof Companyingeneralmeetingandwithoutprejudicetoanyspecialrightsconferredonthe shares holdersofanyexistingsharesorattachingtoanyclassofshares,anysharemaybeissued App3 withorhaveattachedtheretosuchpreferred,deferred,qualifiedorotherspecialrightsor r.6(1) restrictions,whetherinregardtodividend,voting,returnapplicabletosharesorotherwise,andtosuchpersonsatsuchtimesandforsuchconsiderationastheBoardmaydetermine.SubjecttotheActandtoanyspecialrightsconferredonanymembersorattachingtoanyclassofshares,anysharemay,withthesanctionofaSpecialResolutionofMembers,beissuedontermsthatitis,orattheoptionoftheCompanyortheholderthereofis,liabletobe redeemed.Nosharesshallbeissuedtobearer. Issueof 1.3 SubjecttotheListingRules,theBoardmayissuewarrantstosubscribeforanyclassof warrants sharesorothersecuritiesoftheCompanyonsuchtermsasitmayfromtimetotime App3 determine.Nowarrantsshallbeissuedtobearerforsolongasarecognisedclearinghouse r.2(2) initscapacityassuch)isamemberoftheCompany.Wherewarrantsareissuedtobearer, nonewwarrantshallbeissuedtoreplaceonethathasbeenlostunlesstheBoardissatisfiedbeyondreasonabledoubtthattheoriginalhasbeendestroyedandtheCompanyhasreceivedanindemnityinsuchformastheBoardshallthinkfitwithregardtotheissueofanysuchnewwarrant. Howclass1.4 IfatanytimetheauthorisedsharesoftheCompanyisdividedintodifferentclassesofshares, rights may alloranyoftherightsattachedtoanyclassofsharesforthetimebeingissued(unless bemodified otherwiseprovidedforinthetermsofissueofthesharesofthatclass)may,subjecttothe App3 provisionsoftheAct,bevariedorabrogatedwiththeconsentinwritingoftheholdersofnot r.6(2) lessthanthree-fourthsinnominalvalueoftheissuedsharesofthatclassorwiththesanction App13 PartB ofaSpecialResolutionofMemberspassedataseparatemeetingoftheholdersofshares r.2(1) ofthatclass.ToeverysuchseparatemeetingalltheprovisionsoftheseArticlesrelatingto generalmeetingsshallmutatismutandisapply,butsothatthequorumforthepurposesof anysuchseparatemeetingandofanyadjournmentthereofshallbeapersonorpersons togetherholding(orrepresentingbyproxyordulyauthorisedrepresentative)atthedateof therelevantmeetingnotlessthanone-thirdinnominalvalueoftheissuedsharesofthatclass. 1.5 Thespecialrightsconferredupontheholdersofsharesofanyclassshallnot,unless otherwiseexpresslyprovidedintherightsattachingtoorthetermsofissueofsuchshares,bedeemedtobevariedbythecreationorissueoffurthersharesrankingparipassutherewith. Solvency1.6 Thedirectorsshallnot,unlesspermittedpursuanttotheAct,purchase,redeemorotherwise test acquireanyofthesharesintheCompanyunlessimmediatelyaftersuchpurchase, redemptionorotheracquisition: a) thevalueoftheCompanys' assetsexceedsitsliabilities;and b) theCompanyisabletopayitsdebtsastheyfalldue. Company1.7 SubjecttotheActandArticle1.6,oranyotherlaworsofarasnotprohibitedbyanylawand may subjecttoanyrightsconferredontheholdersofanyclassofshares,theCompanyshallhave purchase thepowertopurchaseorotherwiseacquirealloranyofitsownshares(whichexpressionas andfinance usedinthisArticleincludesredeemableshares)providedthatthemannerofpurchasehas thepurchase firstbeenauthorisedbyResolutionofMembers,andtopurchaseorotherwiseacquire ofown warrantsforthesubscriptionorpurchaseofitsownshares,andsharesandwarrantsforthe shares subscriptionorpurchaseofanysharesinanycompanywhichisitsholdingcompanyandmaymakepaymentthereforinanymannerauthorisedornotprohibitedbylaw,ortogive,directlyorindirectly,bymeansofaloan,aguarantee,agift,anindemnity,theprovisionofsecurityorotherwisehowsoever,financialassistanceforthepurposeoforinconnectionwithapurchaseorotheracquisitionmadeortobemadebyanypersonofanysharesorwarrantsintheCompanyoranycompanywhichisaholdingcompanyoftheCompanyandshouldtheCompanypurchaseorotherwiseacquireitsownsharesorwarrantsneithertheCompanynortheBoardshallberequiredtoselectthesharesorwarrantstobepurchasedorotherwiseacquiredrateablyorinanyothermannerasbetweentheholdersofsharesorwarrantsofthesameclassorasbetweenthemandtheholdersofsharesorwarrantsofanyotherclassorinaccordancewiththerightsastodividendsconferredbyanyclassofsharesprovided alwaysthatanysuchpurchaseorotheracquisitionorfinancialassistanceshallonlybemadeinaccordancewithanyrelevantcode,rulesorregulationsissuedbytheExchangeortheSecuritiesandFuturesCommissionofHongKongfromtimetotimeinforce. Powerto 1.8 TheCompanyingeneralmeetingmay,fromtimetotime,whetherornotallthesharesfor thetimebeingauthorisedshallhavebeenissuedandwhetherornotallthesharesfortheincrease authorised timebeingissuedshallhavebeenfullypaidup,byResolutionofMembers,increasethe shares maximumnumberofsharestheCompanyisauthorisedtoissue,byamendmenttothe MemoranduminaccordancewiththeprovisionsoftheMemorandumandtheseArticles. 1.9 Subjecttotheprovisions oftheAct,theMemorandumandArticle 1.6,andtoanyspecialRedemption rightsconferredontheholdersofanysharesorattachingtoanyclassofshares,sharesmaybeissuedonthetermsthattheymaybe,orattheoptionoftheCompanyortheholdersare,liabletoberedeemedonsuchtermsandinsuchmannerastheBoardmaydeemfit. App3 1.10 WheretheCompanypurchasesforredemptionaredeemableshare,purchasesnotmade r.8(1)& throughthemarketorbytendershallbelimitedtoamaximumprice,andifpurchasesareby 2) tender,tendersshallbeavailabletoallmembersalike. 1.11 Thepurchaseorredemptionofanyshareshallnotbedeemedtogiverisetothepurchase orredemptionofanyothershare.SharesthattheCompanypurchases,redeemsor otherwiseacquiresshallbecancelled,andnosharesshallbeheldastreasurysharesbytheCompany. Certificates1.12 Theholderofthesharesbeingpurchased,surrenderedorredeemedshallbeboundtodeliver tobe uptotheCompanyatitsprincipalplaceofbusinessinHongKongorsuchotherplaceasthe surrendered Boardshallspecifythecertificate(s)thereofforcancellationandthereupontheCompany for shallpaytohimthepurchaseorredemptionmoniesinrespectthereof. cancellation 1.13 SubjecttotheprovisionsoftheAct,oftheMemorandum,andoftheseArticlesrelatingtonew Sharesatthe shares,theunissuedsharesintheCompany(whetherformingpartofitsoriginalorany disposalof increasedauthorisedshares)shallbeatthedisposaloftheBoard,whichmayoffer,allot, theBoard grantoptionsoverorotherwisedisposeofthemtosuchpersons,atsuchtimes,forsuch consideration,anduponsuchterms,astheBoardshalldetermine. Company 1.14 TheCompanymay,unlessprohibitedbylaw,atanytimepayacommissiontoanyperson forsubscribingoragreeingtosubscribe(whetherabsolutelyorconditionally)foranyshares maypay commission intheCompanyorprocuringoragreeingtoprocuresubscriptions(whetherabsoluteor conditional)foranysharesintheCompany,butsothattheconditionsandrequirementsoftheActshallbeobservedandcompliedwith,andineachcasethecommissionshallnotexceed10%ofthepriceatwhichthesharesareissued. Company 1.15 ExceptasotherwiseexpresslyprovidedbytheseArticlesorasrequiredbylaworasordered notto byacourtofcompetentjurisdiction,nopersonshallberecognisedbytheCompanyas recognise holdinganyshareuponanytrustandtheCompanyshallnotbeboundbyorbecompelledin trustsin anywaytorecognise(evenwhenhavingnoticethereof)anyequitable,contingent,futureor respectof partialinterestinanysharesoranyinterestinanyfractionalpartofashareoranyotherrights shares inrespectofanyshareexceptanabsoluterighttotheentiretythereofintheregisteredholder. 2 RegisterofMembersandShareCertificates Share 2.1 TheBoardshallcausetobekeptatsuchplacewithinoroutsidetheBritishVirginIslandsas register itdeemsfitaprincipalregisterofthemembersandthereshallbeenteredthereinthe App3 particularsofthemembersandthesharesissuedtoeachofthemandotherparticulars r.1(1) requiredundertheAct. 2.2 IftheBoardconsidersitnecessaryorappropriate,theCompanymayestablishandmaintain abranchregisterorregistersofmembersatsuchlocationorlocationswithinoroutsidethe BritishVirginIslandsastheBoardthinksfit.Theprincipalregisterandthebranchregister(s)shalltogetherbetreatedastheregisterforthepurposesoftheseArticles. 2.3 TheBoardmay,initsabsolutediscretion,atanytimetransferanyshareupontheprincipal registertoanybranchregisteroranyshareonanybranchregistertotheprincipalregisteroranyotherbranchregister. 2.4 NotwithstandinganythingcontainedinthisArticle,theCompanyshallassoonaspracticable andonaregularbasisrecordintheprincipalregisteralltransfersofshareseffectedonanybranchregisterandshallatalltimesmaintaintheprincipalregisterinsuchmannerastoshowatalltimesthemembersforthetimebeingandthesharesrespectivelyheldbythem,inallrespectsinaccordancewiththeAct. App13 2.5 Exceptwhenaregisterisclosedand,ifapplicable,subjecttotheadditionalprovisionsof PartB Article2.8,theprincipalregisterandanybranchregistershallduringbusinesshoursbekept r.3(2) opentotheinspectionofanymemberwithoutcharge. 2.6 ThereferencetobusinesshoursinArticle25. issubjecttosuchreasonablerestrictionsas theCompanybyResolutionofMembersmayimpose,butsothatnotlessthantwohoursineachbusinessdayistobeallowedforinspections. 2.7 Theregistermay,on14days'noticebeinggivenbyadvertisementpublishedonthe mannerinwhichnoticesmaybeservedbytheCompanybyelectronicmeansasherein providedorbyadvertisementpublishedinthenewspapers,beclosedatsuchtimesandforsuchperiodsastheBoardmayfromtimetotimedetermine,eithergenerallyorinrespectofanyclassofshares,providedthattheregistershallnotbeclosedformorethan30daysin anyyear(orsuchlongerperiodasthemembersmaybyResolutionofMembersdetermine providedthatsuchperiodshallnotbeextendedbeyond60daysinanyyear).TheCompanyshall,ondemand,furnishanypersonseekingtoinspecttheregisterorpartthereofwhichisclosedbyvirtueoftheseArticleswithacertificateunderthehandoftheSecretarystatingtheperiodforwhich,andbywhoseauthority,itisclosed. 2.7A Inlieuof,orapartfrom,closingtheregisterpursuanttootherprovisioninthisArticle,the Boardmayfixinadvanceadateastherecorddateforanysuchdeterminationofmembers entitledtoreceivenoticeof,ortovoteatanygeneralmeetingofthemembersoranyadjournmentthereof,orforthepurposeofdeterminingthemembersentitledtoreceivepaymentofanydividendordistributionorinordertomakeadeterminationofmembersforanyotherpurpose. App13 2.8 AnyregisterheldinHongKongshallduringnormalbusinesshours(subjecttosuch PartB reasonablerestrictionsastheBoardmayimpose)beopentoinspectionbyamemberwithout r.3(2) chargeandanyotherpersononpaymentofsuchfeenotexceedingHK$25. 0(orsuchhigher amountasmayfromtimetotimebepermittedundertheListingRules)astheBoardmay determineforeachinspection.Anymembermayrequireacopyoftheregister,oranypart thereof,onpaymentofHK$0.25,orsuchlessersumastheCompanymayprescribe,for every100wordsorfractionalpartthereofrequiredtobecopied.TheCompanyshallcauseanycopysorequiredbyanypersontobesenttothatpersonwithinaperiodof10dayscommencingonthedatenextafterthedayonwhichtherequestisreceivedbytheCompany.Share 2.9 Everypersonwhosenameisenteredasamemberintheregistershallbeentitledwithoutcertificates paymenttoreceive,withintherelevanttimelimitasprescribedintheActorastheExchangeApp3 mayfromtimetotimedetermine,whicheverisshorter,afterallotmentorlodgmentoftransferr.1(1) orwithinsuchotherperiodastheconditionsofissueshallprovide),onecertificateforallhissharesofeachclassor,ifheshallsorequest,inacasewheretheallotmentortransferisofanumberofsharesinexcessofthenumberforthetimebeingforminganExchangeboardlot,uponpayment,inthecaseofatransfer,ofasumequaltotherelevantmaximumamountastheExchangemayfromtimetotimedetermineforeverycertificateafterthefirst,orsuchlessersumastheBoardshallfromtimetotimedetermine,suchnumbersofcertificatesforsharesinExchangeboardlotsormultiplesthereofasheshallrequestandoneforthebalanceifany)ofthesharesinquestion,providedthatinrespectofashareorsharesheldjointlybyseveralpersonstheCompanyshallnotbeboundtoissueacertificateorcertificatestoeachsuchperson,andtheissueanddeliveryofacertificateorcertificatestooneofseveraljoint holdersshallbesufficientdeliverytoallsuchholders.Allcertificatesforsharesshallbedeliveredpersonallyorsentthroughthepostaddressedtothememberentitledtheretoathisregisteredaddressasappearingintheregister. Share 2.10 Everycertificateforsharesordebenturesorrepresentinganyotherformofsecurityofthe certificates CompanyshallbeissuedunderthesealoftheCompany,whichshallonlybeaffixedwiththe tobe authorityoftheBoard. sealed App3 r.2(1) 2.11 Everysharecertificateshallspecifythenumberandclassofsharesinrespectofwhichitis issuedandtheamountpaidthereonorthefactthattheyarefullypaid,asthecasemaybe,andmayotherwisebeinsuchformastheBoardmayfromtimetotimeprescribe. Joint 2.12 TheCompanyshallnotbeboundtoregistermorethanfourpersonsasjointholdersofany holders share.Ifanyshareshallstandinthenamesoftwoormorepersons,thepersonfirstnamed App3 intheregistershallbedeemedthesoleholderthereofasregardsserviceofnoticesand, r.1(3) subjecttotheprovisionsoftheseArticles,alloranyothermattersconnectedwiththe Company,exceptthetransferoftheshare. 2.13 Ifasharecertificateisdefaced,lostordestroyed,itmaybereplacedonpaymentofsuchfee, Replacement ifany,notexceedingsuchamountasmayfromtimetotimebepermittedundertheListing ofshare RulesorsuchlessersumastheBoardmayfromtimetotimerequire)andonsuchtermsand certificates conditions,ifany,astopublicationofnotices,evidenceandindemnity,astheBoardthinks App3 r.1(1) fitandwhereitisdefacedorwornout,afterdeliveryupoftheoldcertificatetotheCompany forcancellation. 3 Lien Companys' 3.1 TheCompanyshallhaveafirstandparamountlienoneveryshare(notbeingafullypaidup lien share)forallmoneys,whetherpresentlypayableornot,calledorpayableatafixedtimein App3 respectofsuchshare;andtheCompanyshallalsohaveafirstandparamountlienand r.1(2) chargeonallshares(otherthanfullypaidupshares)standingregisteredinthenameofa member(whethersolelyorjointlywithothers)forallthedebtsandliabilitiesofsuchmember orhisestatetotheCompanyandwhetherthesameshallhavebeenincurredbeforeorafternoticetotheCompanyofanyequitableorotherinterestofanypersonotherthansuchmember,andwhethertheperiodforthepaymentordischargeofthesameshallhaveactually arrivedornot,andnotwithstandingthatthesamearejointdebtsorliabilitiesofsuchmemberorhisestateandanyotherperson,whethersuchpersonisamemberoftheCompanyornot. 3.2 TheCompanys' lien(ifany)onashareshallextendtoalldividendsandbonusesdeclaredinLienextends respectthereof.TheBoardmayresolvethatanyshareshallforsomespecifiedperiodbetodividends exemptwhollyorpartiallyfromtheprovisionsofthisArticle. andbonuses Saleof 3.3 TheCompanymaysellinsuchmannerastheBoardthinksfitanysharesonwhichthe shares Companyhasalien,butnosaleshallbemadeunlesssomesuminrespectofwhichthelien subjectto existsispresentlypayableortheliabilityorengagementinrespectofwhichsuchlienexists lien isliabletobepresentlyfulfilledordischarged,noruntiltheexpirationof14daysafteranotice inwriting,statinganddemandingpaymentofthesumpresentlypayableorspecifyingtheliabilityorengagementanddemandingfulfilmentordischargethereofandgivingnoticeofintentiontosellindefault,shallhavebeengiventotheregisteredholderforthetimebeingofthesharesortheperson,ofwhichtheCompanyhasnotice,entitledtothesharesbyreasonofsuchholders' death,mentaldisorderorbankruptcy. 3.4 ThenetproceedsofsuchsalebytheCompanyafterthepaymentofthecostsofsuchsale Application shallbeappliedinortowardspaymentorsatisfactionofthedebtorliabilityorengagementofproceeds inrespectwhereofthelienexists,sofarasthesameispresentlypayable,andanyresidueofsuchsale shall(subjecttoalikelienfordebtsorliabilitiesnotpresentlypayableasexisteduponthe sharespriortothesaleanduponsurrender,ifrequiredbytheCompany,forcancellationofthecertificateforthesharesold)bepaidtotheholderimmediatelybeforesuchsaleofthe share.Forgivingeffecttoanysuchsale,theBoardmayauthoriseanypersontotransferthesharessoldtothepurchaserthereofandmayenterthepurchasers' nameintheregisterasholderoftheshares,andthepurchasershallnotbeboundtoseetotheapplicationofthepurchasemoney,norshallhistitletothesharesbeaffectedbyanyirregularityorinvalidityintheproceedingsinreferencetothesale. 4 CallsonShares Calls,how4.1 TheBoardmayfromtimetotimemakesuchcallsasitmaythinkfituponthemembersin made respectofanymoniesunpaidonthesharesheldbythemrespectively(whetheronaccount ofthenominalamountofthesharesorbywayofpremiumorotherwise)andnotbythe conditionsofallotmentthereofmadepayableatfixedtimes.Acallmaybemadepayable eitherinonesumorbyinstalments.AcallmayberevokedorpostponedastheBoardmaydetermine. Noticeof4.2 Atleast14days'noticeofanycallshallbegiventoeachmemberspecifyingthetimeand call placeofpaymentandtowhomsuchpaymentshallbemade. Copyof 4.3 AcopyofthenoticereferredtoinArticle4.2shallbesentinthemannerinwhichnoticesmay noticeto besenttomembersbytheCompanyashereinprovided. besent Every 4.4 Everymemberuponwhomacallismadeshallpaytheamountofeverycallsomadeonhim member liableto tothepersonandatthetimeortimesandplaceorplacesastheBoardshallspecify.A paycallat personuponwhomacallismadeshallremainliableonsuchcallnotwithstandingthe appointed subsequenttransferofthesharesinrespectofwhichthecallwasmade. timeand place 4.5 InadditiontothegivingofnoticeinaccordancewithArticle4.3,noticeofthepersonappointed Noticeofcall toreceivepaymentofeverycallandofthetimesandplacesappointedforpaymentmaybemaybe giventothemembersaffectedbynoticepublishedontheExch publishedin newspapersor theListingRules,byelectroniccommunicationinthemannerinwhichnoticesmaybeserved givenby bytheCompanybyelectronicmeansashereinprovidedorbyadvertisementpublishedin electronic thenewspapers. means Wdeheemnecdatlol 4.6 AcallshallbedeemedtohavebeenmadeatthetimewhentheResolutionofDirectors havebeen authorisingsuchcallwaspassed. made Liability 4.7 Thejointholdersofashareshallbeseverallyaswellasjointlyliableforthepaymentofall ofjoint callsandinstalmentsdueinrespectofsuchshareorothermoneysdueinrespectthereof. holders Boardmay4.8 TheBoardmayfromtimetotimeatitsdiscretionextendthetimefixedforanycall,andmay extendtime extendsuchtimeastoalloranyofthemembers,whombyreasonofresidenceoutsideHongfixedfor KongorothercausetheBoardconsidersitreasonabletograntanextensionto,butnocall membershallbeentitledtoanysuchextensionasamatterofgraceandfavour. Interest 4.9 Ifthesumoranyinstalmentpayableinrespectofanycallisunpaidonorbeforetheday oncalls appointedforpaymentthereof,thepersonorpersonsfromwhomthesumisdueshallpay interestonthesameatsuchratenotexceeding15%perannumastheBoardshalldeterminefromthedayappointedforthepaymentthereoftothetimeofactualpayment,buttheBoardmaywaivepaymentofsuchinterestwhollyorinpart. 4.10 Nomembershallbeentitledtoreceiveanydividendorbonusortobepresentandvote(save Suspension asproxyforanothermember)atanygeneralmeeting,eitherpersonallyorbyproxy,orbeofprivileges reckonedinaquorum,ortoexerciseanyotherprivilegeasamemberuntilallsumsorwhilecallin arrears instalmentsduefromhimtotheCompanyinrespectofanycall,whetheraloneorjointlywith anyotherperson,togetherwithinterestandexpenses(ifany)shallhavebeenpaid. 4.11 Atthetrialorhearingofanyactionorotherproceedingsfortherecoveryofanymoneydue Evidencein foranycall,itshallbesufficienttoprovethatthenameofthemembersuedisenteredinthe actionforcall registerastheholder,oroneoftheholders,ofthesharesinrespectofwhichsuchdebt accrued;thattheResolutionofDirectorsmakingthecallisdulyrecordedintheminutebook;andthatnoticeofsuchcallwasdulygiventothemembersued,inpursuanceofthese Articles;anditshallnotbenecessarytoprovetheappointmentoftheDirectorswhomadesuchcall,noranyothermatterswhatsoever,andtheproofofthemattersaforesaidshallbeconclusiveevidenceofthedebt. Sums 4.12 Anysumwhichbythetermsofallotmentofashareismadepayableuponallotmentoratany payableon fixeddate,whetheronaccountofthenominalvalueoftheshareand/orbywayofpremium allotment/in orotherwise,shallforallpurposesoftheseArticlesbedeemedtobeacalldulymadeand future payableonthedatefixedforpayment,andincaseofnon-payment,alltherelevantprovisions deemeda oftheseArticlesastopaymentofinterestandexpenses,liabilitiesofjointholders,forfeiture call andthelike,shallapplyasifsuchsumhadbecomepayablebyvirtueofacalldulymadeand notified. Paymento4f .13 TheBoardmay,ifitthinksfit,receivefromanymemberwillingtoadvancethesame,and callsin eitherinmoneyormoneys' worth,alloranypartofthemoneyuncalledandunpaidor advance instalmentspayableuponanysharesheldbyhim,anduponalloranyofthemoneysso App3 advancedtheCompanymaypayinterestatsuchrate(ifany)astheBoardmaydecide.The r.3(1) Boardmayatanytimerepaytheamountsoadvancedupongivingtosuchmembernotlessthanonemonths' noticeinwritingofitsintentioninthatbehalf,unlessbeforetheexpirationofsuchnoticetheamountsoadvancedshallhavebeencalleduponthesharesinrespect ofwhichitwasadvanced.Nosuchsumpaidinadvanceofcallsshallentitlethememberpayingsuchsumtoanyportionofadividenddeclaredinrespectofanyperiodpriortothedateuponwhichsuchsumwould,butforsuchpayment,becomepresentlypayable. 5 TransferofShares Formof 5.1 Transfersofsharesmaybeeffectedbyaninstrumentoftransferintheusualcommonform transfer orinsuchotherformastheBoardmayapprove,whichisconsistentwiththestandardform oftransferasprescribedbytheExchangeandapprovedbytheBoard.Allinstrumentsof transfermustbeleftattheregisteredofficeoftheCompanyoratsuchotherplaceastheBoardmayappointandallsuchinstrumentsoftransfershallberetainedbytheCompany. 5.2 TheinstrumentoftransfershallbeexecutedbyoronbehalfofthetransferorandbyoronExecution behalfofthetransfereePROVIDEDthattheBoardmaydispensewiththeexecutionoftheinstrumentoftransferbythetransfereeinanycasewhichitthinksfitinitsdiscretiontodoso.Theinstrumentoftransferofanyshareshallbeinwritingandshallbeexecutedwithamanual signatureorfacsimilesignature(whichmaybemachineimprintedorotherwise)byoronbehalfofthetransferorandtransfereePROVIDEDthatinthecaseofexecutionbyfacsimilesignaturebyoronbehalfofatransferorortransferee,theBoardshallhavepreviouslybeen providedwithalistofspecimensignaturesoftheauthorisedsignatoriesofsuchtransferorortransfereeandtheBoardshallbereasonablysatisfiedthatsuchfacsimilesignature correspondstooneofthosespecimensignatures.Thetransferorshallbedeemedtoremaintheholderofashareuntilthenameofthetransfereeisenteredintheregisterinrespectthereof. rBeofuasrdemtoay5.3 TheBoardmay,initsabsolutediscretion,andwithoutassigninganyreason,refusetoregister registera atransferofanysharewhichisnotfullypaiduporonwhichtheCompanyhasalien. transfer App3 5.4 IftheBoardshallrefusetoregisteratransferofanyshare,itshall,withintwomonthsafter r.1(2) thedateonwhichthetransferwaslodgedwiththeCompany,sendtoeachofthetransferor Noticeof refusal andthetransfereenoticeofsuchrefusal. 5.5 TheBoardmayalsodeclinetoregisteranytransferofanysharesunless: Requirements a) theinstrumentoftransferislodgedwiththeCompanyaccompaniedbythecertificate astotransfer forthesharestowhichitrelates(whichshalluponregistrationofthetransferbe cancelled)andsuchotherevidenceastheBoardmayreasonablyrequiretoshow therightofthetransferortomakethetransfer; b) theinstrumentoftransferisinrespectofonlyoneclassofshares; c) theinstrumentoftransferisproperlystamped(incircumstanceswherestampingis required); d) inthecaseofatransfertojointholders,thenumberofjointholderstowhichtheshare istobetransferreddoesnotexceedfour; e) thesharesconcernedarefreeofanylieninfavouroftheCompany;and Requirements f) afeeofsuchmaximumastheExchangemayfromtimetotimedeterminetobe astotransfer payable(orsuchlessersumastheBoardmayfromtimetotimerequire)ispaidto App3 r.1(1) theCompanyinrespectthereof. 5.6 Notransfershallbemadetoaninfantortoapersoninrespectofwhomanorderhasbeen Notransfer madebyanycompetentcourtorofficialonthegroundsthatheisormaybesufferingfrom toaninfant mentaldisorderorisotherwiseincapableofmanaginghisaffairsorunderotherlegal etc disability. 5.7 Uponeverytransferofsharesthecertificateheldbythetransferorshallbegivenuptobe Certificateto cancelled,andshallforthwithbecancelledaccordingly,andanewcertificateshallbeissued begivenup withoutchargetothetransfereeinrespectofthesharestransferredtohim,andifanyofthe ontransfer sharesincludedinthecertificatesogivenupshallberetainedbythetransferor,anew certificateinrespectthereofshallbeissuedtohimwithoutcharge.TheCompanyshallalso retaintheinstrument(s)oftransfer. When 5.8 Theregistrationoftransfersmay,on14days'noticebeinggivenbyadvertisementpublished transfer booksand themannerinwhichnoticesmaybeservedbytheCompanybyelectronicmeansasherein registermay providedorbyadvertisementpublishedinthenewspapers,besuspendedandtheregister close closedatsuchtimesforsuchperiodsastheBoardmayfromtimetotimedetermine,provided App13 PartB alwaysthatsuchregistrationshallnotbesuspendedortheregisterclosedformorethan30 r.3(2) daysinanyyear(orsuchlongerperiodasthemembersmaybyResolutionofMembers determineprovidedthatsuchperiodshallnotbeextendedbeyond60daysinanyyear). 6 TransmissionofShares Deathof 6.1 Inthecaseofthedeathofamember,thesurvivororsurvivorswherethedeceasedwasa registered jointholder,andthelegalpersonalrepresentativesofthedeceasedwherehewasasole holder or holder,shallbetheonlypersonsrecognisedbytheCompanyashavinganytitletohisinterest ofjoint intheshares;butnothinghereincontainedshallreleasetheestateofadeceasedholder holder of shares whethersoleorjoint)fromanyliabilityinrespectofanysharesolelyorjointlyheldbyhim. 6.2 Anypersonbecomingentitledtoashareinconsequenceofthedeathorbankruptcyor Registrationof winding-upofamembermay,uponsuchevidenceastohistitlebeingproducedasmayfrompersonal timetotimeberequiredbytheBoardandsubjectashereinafterprovided,eitherberegisteredrepresentatives himselfasholderoftheshareorelecttohavesomeotherpersonnominatedbyhimandtrusteein bankruptcy registeredasthetransfereethereof. 6.3 Ifthepersonsobecomingentitledshallelecttoberegisteredhimself,heshalldeliverorsend Noticeof totheCompanyanoticeinwritingsignedbyhimstatingthathesoelects.Ifheshallelectto electiontobe havehisnomineeregisteredheshalltestifyhiselectionbyexecutinginfavourofhisnominee registered/ Registrationof nominee atransferofsuchshare.Allthelimitations,restrictionsandprovisionsoftheseArticles relatingtotherighttotransferandtheregistrationoftransfersofsharesshallbeapplicabletoanysuchnoticeortransferasaforesaidasifthedeathorbankruptcyorwinding-upofthememberhadnotoccurredandthenoticeortransferwereatransferexecutedbysuchmember. 6.4 Apersonbecomingentitledtoasharebyreasonofthedeathorbankruptcyorwinding-upof Retentionof theholdershallbeentitledtothesamedividendsandotheradvantagestowhichhewoulddividends, beentitledifheweretheregisteredholderoftheshare.However,theBoardmay,ifitthinks etc.,until transferor fit,withholdthepaymentofanydividendpayableorotheradvantagesinrespectofsuch transmission shareuntilsuchpersonshallbecometheregisteredholderoftheshareorshallhave ofsharesof effectuallytransferredsuchshare,but,subjecttotherequirementsofArticle12.3beingmet, adeceased suchapersonmayvoteatmeetings. orbankrupt member 7 ForfeitureofShares 7.1 Ifamemberfailstopayanycallorinstalmentofacallonthedayappointedforpayment Ifcallor thereof,theBoardmay,atanytimeduringsuchtimeasanypartthereofremainsunpaid, instalment withoutprejudicetotheprovisionsofArticle4.10,serveanoticeonhimrequiringpaymentof notpaid somuchofthecallorinstalmentasisunpaid,togetherwithanyinterestwhichmayhave noticemay begiven accruedandwhichmaystillaccrueuptothedateofactualpayment. Formof 7.2 Thenoticeshallnameafurtherday(notearlierthantheexpirationof14daysfromthedate notice ofserviceofthenotice)onorbeforewhich,andtheplacewhere,thepaymentrequiredby thenoticeistobemade,andshallstatethatintheeventofnon-paymentatorbeforethetimeandattheplaceappointed,thesharesinrespectofwhichthecallwasmadeor instalmentisunpaidwillbeliabletobeforfeited.TheBoardmayacceptasurrenderofanyshareliabletobeforfeitedhereunderandinsuchcase,referencesintheseArticlestoforfeitureshallincludesurrender. Ifnoticeno7t .3 Iftherequirementsofanysuchnoticeasaforesaidarenotcompliedwith,anyshareinrespect complied ofwhichthenoticehasbeengivenmayatanytimethereafter,beforethepaymentrequired withshares bythenoticehasbeenmade,beforfeitedbyaresolutionoftheBoardtothateffect.Such maybe forfeitureshallincludealldividendsandbonusesdeclaredinrespectoftheforfeitedshare, forfeited andnotactuallypaidbeforetheforfeiture. Forfeited 7.4 AnysharesoforfeitedshallbedeemedtobethepropertyoftheCompany,andmaybere- sharestobe allottedsoldorotherwisedisposedofonsuchtermsandinsuchmannerastheBoardthinks deemed fitandatanytimebeforeare-allotment,saleordispositiontheforfeituremaybecancelled propertyof bytheBoardonsuchtermsasitthinksfit. Company 7.5 Apersonwhoseshareshavebeenforfeitedshallceasetobeamemberinrespectofthe Arrearstobe forfeitedsharesbutshall,notwithstanding,remainliabletopaytotheCompanyallmoneyspaid which,atthedateofforfeiture,werepayablebyhimtotheCompanyinrespectoftheshares,notwithstanding forfeiture togetherwith(iftheBoardshallinitsdiscretionsorequire)interestthereonfromthedateof forfeitureuntilpaymentatsuchratenotexceeding15%perannumastheBoardmayprescribe,andtheBoardmayenforcethepaymentthereofifitthinksfit,andwithoutany deductionorallowanceforthevalueofthesharesforfeited,atthedateofforfeiture.ForthepurposesofthisArticleanysumwhich,bythetermsofissueofashare,ispayablethereonatafixedtimewhichissubsequenttothedateofforfeiture,whetheronaccountofthenominal valueoftheshareorbywayofpremium,shallnotwithstandingthattimehasnotyetarrived,bedeemedtobepayableatthedateofforfeiture,andthesameshallbecomedueandpayableimmediatelyupontheforfeiture,butinterestthereonshallonlybepayableinrespectofanyperiodbetweenthesaidfixedtimeandthedateofactualpayment. 7.6 AstatutorydeclarationinwritingthatthedeclarantisaDirectororSecretary,andthatashare Evidenceof intheCompanyhasbeendulyforfeitedonadatestatedinthedeclaration,shallbeconclusive forfeiture evidenceofthefactsthereinstatedasagainstallpersonsclaimingtobeentitledtotheshare. TheCompanymayreceivetheconsideration,ifany,givenfortheshareonanyre-allotment,saleordispositionthereofandtheBoardmayauthoriseanypersontoexecutealetterofre-allotmentortransfertheshareinfavourofthepersontowhomtheshareisre-allotted,soldordisposedofandheshallthereuponberegisteredastheholderoftheshare,andshallnotbeboundtoseetotheapplicationofthesubscriptionorpurchasemoney,ifany,norshallhistitletothesharebeaffectedbyanyirregularityorinvalidityintheproceedingsinreferencetotheforfeiture,re-allotment,saleorotherdisposaloftheshare. Notice 7.7 Whenanyshareshallhavebeenforfeited,noticeoftheforfeitureshallbegiventothe after memberinwhosenameitstoodimmediatelypriortotheforfeiture,andanentryofthe forfeiture forfeiture,withthedatethereof,shallforthwithbemadeintheregister.Notwithstandingthe above,noforfeitureshallbeinanymannerinvalidatedbyanyomissionorneglecttogivesuchnoticeasaforesaid. Powerto7.8 Notwithstandinganysuchforfeitureasaforesaid,theBoardmayatanytime,beforeany redeem sharesoforfeitedshallhavebeenre-allotted,sold,orotherwisedisposedof,permittheshare forfeited forfeitedtoberedeemeduponthetermsofpaymentofallcallsandinterestdueuponand shares expensesincurredinrespectoftheshare,anduponsuchfurtherterms(ifany)asitthinks fit. 7.9 TheforfeitureofashareshallnotprejudicetherightoftheCompanytoanycallalreadymade orinstalmentpayablethereon. 7.10 TheprovisionsoftheseArticlesastoforfeitureshallapplyinthecaseofnon-paymentofany Forfeiturefor sumwhich,bythetermsofissueofashare,becomespayableatafixedtime,whetheronnon-payment accountofthenominalvalueoftheshareorbywayofpremium,asifthesamehadbeenofanysum payablebyvirtueofacalldulymadeandnotified. dueonshares 7A ConsolidationofIssuedShares Consolidation TheCompanymayfromtimetotime,byResolutionofMembers,consolidatealloranyofits ofIssued issuedshares.Onanyconsolidation,theBoardmaysettleanydifficultywhichmayariseas Shares itthinksexpedientandinparticular(butwithoutprejudicetothegeneralityoftheforegoing andnotwithstandinganyotherprovisionoftheMemorandumandtheseArticles),maycompulsorilyrepurchasefractionsofaconsolidatedshareonsuchtermsasitconsidersbetweentheholdersofsharestobeconsolidated,determinewhichparticularsharesaretobeconsolidatedintoeachconsolidatedshare,andifitshallhappenthatanypersonshallbecomeentitledtofractionsofaconsolidatedshareorshares,suchfractionsmaybesoldbysomepersonappointedbytheBoardforthatpurposeandthepersonsoappointedmaytransferthesharessosoldtothepurchaserthereofandthevalidityofsuchtransfershallnot bequestioned,andsothatthenetproceedsofsuchsale(afterdeductionoftheexpensesofsuchsale)mayeitherbedistributedamongthepersonswhowouldotherwisebeentitledtoafractionorfractionsofaconsolidatedshareorsharesrateablyinaccordancewiththeirrightsandinterestsormaybepaidt 8 AlterationofAuthorisedShares Cancellation TheCompanymayfromtimetotimebyResolutionofMemberscancelanyshareswhichat ofshares thedateofthepassingoftheResolutionofMembershavenotbeentakenoragreedtobe takenbyanyperson,anddiminishthemaximumnumberofsharestheCompanyis authorisedtoissuebythenumberofthesharessocancelledsubjecttotheprovisionsoftheAct. 9 BorrowingPowers Powerto9.1 TheBoardmayfromtimetotimeatitsdiscretionexerciseallthepowersoftheCompanyto borrow raiseorborrowortosecurethepaymentofanysumorsumsofmoneyforthepurposesof theCompanyandtomortgageorchargeitsundertaking,propertyandassets(presentand future)anduncalledamountsowingonthesharesintheCompanyoranypartthereof. Conditions9.2 TheBoardmayraiseorsecurethepaymentorrepaymentofsuchsumorsumsinsuch onwhich manneranduponsuchtermsandconditionsinallrespectsasitthinksfitand,inparticular, moneymay bytheissueofdebentures,debenturestock,bondsorothersecuritiesoftheCompany, beborrowed whetheroutrightorascollateralsecurityforanydebts,liabilityorobligationsoftheCompany orofanythirdparty. Assignmen9t .3 Debentures,debenturestock,bondsandothersecuritiesmaybemadeassignablefreefrom anyequitiesbetweentheCompanyandthepersontowhomthesamemaybeissued. Special 9.4 Anydebentures,debenturestock,bondsorothersecurities maybeissuedatadiscount, privileges premiumorotherwiseandwithanyspecialprivilegesastoredemption,surrender,drawings, allotmentofshares,attendingandvotingatgeneralmeetingsoftheCompany,appointmentofDirectorsandotherwise. Registerof9.5 TheBoardshallcauseaproperregistertobekept,inaccordancewiththeprovisionsofthe chargesto Act,ofallmortgagesandchargesspecificallyaffectingthepropertyoftheCompanyandshall bekept dulycomplywiththerequirementsoftheActinregardtotheregistrationofmortgagesand chargesthereinspecifiedandotherwise. Registerof9.6 IftheCompanyissuesdebenturesordebenturestock(whetheraspartofaseriesoras debentures individualinstruments)nottransferablebydelivery,theBoardshallcauseaproperregister ordebenture tobekeptoftheholdersofsuchdebentures. stock Mortgageo9f .7 WhereanyuncalledsumsowingonthesharesintheCompanyischarged,allpersonstaking uncalled anysubsequentchargethereonshalltakethesamesubjecttosuchpriorcharge,andshall sumson notbeentitled,bynoticetothemembersorotherwise,toobtainpriorityoversuchprior shares charge. 10 GeneralMeetings 10.1 TheCompanyshallineachyearholdageneralmeetingasitsannualgeneralmeetingin Whenannual additiontoanyothermeetinginthatyearandshallspecifythemeetingassuchinthenoticesgeneral callingit;andnotmorethan15monthsshallelapse(orsuchlongerperiodastheExchange meetingto beheld mayauthorise)betweenthedateofoneannualgeneralmeetingoftheCompanyandthatof App13 thenext.SolongasthefirstannualgeneralmeetingoftheCompanyisheldwithin18months PartB ofitsincorporation,itneednotbeheldintheyearofitsincorporationorinthefollowingyears. r.3(3) r.4(2) TheannualgeneralmeetingshallbeheldatsuchtimeandplaceastheBoardshallappoint. 10.2 Allgeneralmeetingsotherthanannualgeneralmeetingsshallbecalledextraordinarygeneral Extraordinary meetings. general meeting 10.3 TheBoardmay,wheneveritthinksfit,conveneanextraordinarygeneralmeeting.General Conveningof meetingsshallalsobeconvenedonthewrittenrequisitionofanytwoormoremembersofextraordinary theCompanydepositedattheprincipalofficeoftheCompanyinHongKongor,intheeventgeneral meeting theCompanyceasestohavesuchaprincipaloffice,theregisteredofficespecifyingthe objectsofthemeetingandsignedbytherequisitionists,providedthatsuchrequisitionistsheldasatthedateofdepositoftherequisitionnotlessthanone-tenthofthenominalvalueoftheissuedsharesintheCompanywhichcarriestherightofvotingatgeneralmeetingsof theCompany.Generalmeetingsmayalsobeconvenedonthewrittenrequisitionofanyone memberoftheCompanywhichisarecognisedclearinghouse(oritsnominee(s))depositedattheprincipalofficeoftheCompanyinHongKongor,intheeventtheCompanyceasestohavesuchaprincipaloffice,theregisteredofficespecifyingtheobjectsofthemeetingandsignedbytherequisitionist,providedthatsuchrequisitionistheldasatthedateofdepositoftherequisitionnotlessthanone-tenthofthenominalvalueoftheissuedsharesinthe CompanywhichcarriestherightofvotingatgeneralmeetingsoftheCompany.IftheBoarddoesnotwithin21daysfromthedateofdepositoftherequisitionproceeddulytoconvenethemeetingtobeheldwithinafurther21days,therequisitionist(s)themselvesoranyofthemrepresentingmorethanone-halfofthetotalvotingrightsofallofthem,mayconvenethegeneralmeetinginthesamemanner,asnearlyaspossible,asthatinwhichmeetingsmaybeconvenedbytheBoardprovidedthatanymeetingsoconvenedshallnotbeheldaftertheexpirationofthreemonthsfromthedateofdepositoftherequisition,andallreasonableexpensesincurredbytherequisitionist(s)asaresultofthefailureoftheBoardshallbereimbursedtothembytheCompany. Noticeof10.4 Anannualgeneralmeetingandanyextraordinarygeneralmeetingcalledforthepassingof meetings aSpecialResolutionofMembersshallbecalledbynotlessthan21days'noticeinwriting App13 andanyotherextraordinarygeneralmeetingshallbecalledbynotlessthan14days'notice PartB inwriting.SubjecttotherequirementundertheListingRules,thenoticeshallbeinclusiveof r.3(1) thedayonwhichitisservedordeemedtobeservedandofthedayforwhichitisgiven,and shallspecifythetime,place,andagendaofthemeeting,particularsoftheresolutionstobe consideredatthemeetingandinthecaseofspecialbusiness(asdefinedinArticle11.1)the generalnatureofthatbusiness.Thenoticeconveninganannualgeneralmeetingshallspecifythemeetingassuch,andthenoticeconveningameetingtopassaSpecialResolutionofMembersshallspecifytheintentiontoproposetheresolutionasaSpecialResolutionof Members.NoticeofeverygeneralmeetingshallbegiventotheAuditorsandtoallmembersotherthansuchas,undertheprovisionshereoforthetermsofissueofthesharestheyhold,arenotentitledtoreceivesuchnoticefromtheCompany. 10.5 NotwithstandingthatameetingoftheCompanyiscalledbyshorternoticethanthatreferred toinArticle10.4,itshallbedeemedtohavebeendulycalledifitissoagreed: a) inthecaseofameetingcalledasanannualgeneralmeeting,byallthemembersof theCompanyentitledtoattendandvotethereatortheirproxies;and b) inthecaseofanyothermeeting,byamajorityinnumberofthemembershavinga righttoattendandvoteatthemeeting,beingamajoritytogetherholdingnotlessthan 95%innominalvalueofthesharesgivingthatright. 10.6 Thereshallappearwithreasonableprominenceineverynoticeofgeneralmeetingsofthe CompanyastatementthatamemberentitledtoattendandvoteisentitledtoappointaproxytoattendandvoteinsteadofhimandthataproxyneednotbeamemberoftheCompany.Omission 10.7 Theaccidentalomissiontogiveanysuchnoticeto,orthenon-receiptofanysuchnoticeby, anypersonentitledtoreceivenoticeshallnotinvalidateanyresolutionpassedoranytogive notice proceedingatanysuchmeeting. Omissionto10.8 Incaseswhereinstrumentsofproxyaresentoutwithnotices,theaccidentalomissionto send sendsuchinstrumentofproxyto,orthenon-receiptofsuchinstrumentofproxyby,any instrument personentitledtoreceivenoticeshallnotinvalidateanyresolutionpassedoranyproceeding ofproxy atanysuchmeeting. 11 ProceedingsatGeneralMeetings Special 11.1 Allbusinessshallbedeemedspecialthatistransactedatanextraordinarygeneralmeeting business andalsoallbusinessshallbedeemedspecialthatistransactedatanannualgeneralmeeting withtheexceptionofthefollowing,whichshallbedeemedordinarybusiness: a) thedeclarationandsanctioningofdividends; b) theconsiderationandadoptionoftheaccountsandbalancesheetsandthereports oftheDirectorsandAuditorsandotherdocumentsrequiredtobeannexedtothe balancesheet; c) theelectionofDirectorsinplaceofthoseretiring; d) theappointmentofAuditors; e) thefixingof,orthedeterminingofthemethodoffixingof,theremunerationofthe DirectorsandoftheAuditors; f) thegrantingofanymandateorauthoritytotheDirectorstooffer,allot,grantoptions over,orotherwisedisposeoftheunissuedsharesoftheCompanyrepresentingnot morethan20%o( rsuchotherpercentageasmayfromtimetotimebespecifiedin theListingRules)innominalvalueofitsthenexistingissuedsharesandthenumber ofanysecuritiesrepurchasedpursuanttoArticle11.1(g);and g) thegrantingofanymandateorauthoritytotheDirectorstorepurchasesecuritiesof theCompany. Quorum 11.2 Forallpurposesthequorumforageneralmeetingshallbetwomemberspresentinperson orinthecaseofacorporation,byitsdulyauthorisedrepresentative)orbyproxyprovidedalwaysthatiftheCompanyhasonlyonememberofrecordthequorumshallbethatone memberpresentinpersonorbyproxy.Nobusiness(excepttheappointmentofaChairman)shallbetransactedatanygeneralmeetingunlesstherequisitequorumshallbepresentatthecommencementofthebusiness. Whenif 11.3 Ifwithin15minutesfromthetimeappointedforthemeetingaquorumisnotpresent,the quorumnot meeting,ifconvenedupontherequisitionofmembers,shallbedissolved,butinanyother present caseitshallstandadjournedtothesamedayinthenextweekandatsuchtimeandplace meetingtobe asshallbedecidedbytheBoard,andifatsuchadjournedmeetingaquorumisnotpresent dissolvedand within15minutesfromthetimeappointedforholdingthemeeting,thememberormembers whentobe presentinperson(orinthecaseofacorporation,byitsdulyauthorisedrepresentative)orby adjourned proxyshallbeaquorumandmaytransactthebusinessforwhichthemeetingwascalled.Chairmano1f1.4 TheChairmanshalltakethechairateverygeneralmeeting,or,iftherebenosuchChairmangeneral or,ifatanygeneralmeetingsuchChairmanshallnotbepresentwithin15minutesafterthemeeting timeappointedforholdingsuchmeetingorisunwillingtoact,theDirectorspresentshallchooseanotherDirectorasChairman,andifnoDirectorbepresent,orifalltheDirectorspresentdeclinetotakethechair,oriftheChairmanchosenshallretirefromthechair,then thememberspresent(whetherinpersonorrepresentedbyproxyordulyauthorisedrepresentative)shallchooseoneoftheirownnumbertobeChairman. Powerto 11.5 TheChairmanmay,withtheconsentofanygeneralmeetingatwhichaquorumispresent, adjourn andshall,ifsodirectedbythemeeting,adjournanymeetingfromtimetotimeandfromplacegeneral toplaceasthemeetingshalldetermine.Wheneverameetingisadjournedfor14daysor meeting/ more,atleastsevencleardays'notice,specifyingtheplace,thedayandthehourofthebusinessof adjourned meeting adjournedmeetingshallbegiveninthesamemannerasinthecaseofanoriginalmeetingbutitshallnotbenecessarytospecifyinsuchnoticethenatureofthebusinesstobe transactedattheadjournedmeeting.Saveasaforesaid,nomembershallbeentitledtoany noticeofanadjournmentorofthebusinesstobetransactedatanyadjournedmeeting.Nobusinessshallbetransactedatanyadjournedmeetingotherthanthebusinesswhichmighthavebeentransactedatthemeetingfromwhichtheadjournmenttookplace. 11.6 Atanygeneralmeetingaresolutionputtothevoteofthemeetingshallbedecidedonapoll. Poll 11.7 Apollshall(subjectasprovidedinArticle11.8)betakeninsuchmanner(includingtheuse ofballotorvotingpapersortickets)andatsuchtimeandplace,notbeingmorethan30daysfromthedateofthemeetingoradjournedmeetingatwhichthepollwastakenasthe Chairmandirects.Nonoticeneedbegivenofapollnottakenimmediately.Theresultofthepollshallbedeemedtobetheresolutionofthemeetingatwhichthepollwastaken. Inwhat case polltaken11.8 AnypollontheelectionofaChairmanofameetingoranyquestionofadjournmentshallbe without takenatthemeetingandwithoutadjournment. adjournment hCahvaeircmaasntitno1g1.9 Inthecaseofanequalityofvotes,theChairmanofthemeetingatwhichthepollistaken vote shallbeentitledtoasecondorcastingvote. Written 11.10 AWrittenResolution(inoneormorecounterparts),includingaSpecialResolutionof resolutions Members,signedbyallmembersforthetimebeingentitledtoreceivenoticeofandtoattend andvoteatgeneralmeetings(orbeingcorporationsbytheirdulyappointedrepresentatives) shallbeasvalidandeffectiveasifthesamehadbeenpassedatageneralmeetingofthe Companydulyconvenedandheld.Anysuchresolutionshallbedeemedtohavebeenpassedatameetingheldonthedateonwhichitwassignedbythelastmembertosign. 12 VotesofMembers Votesof 12.1 Subjecttoanyspecialrights,privilegesorrestrictionsastovotingforthetimebeingattached members toanyclassorclassesofshares,atanygeneralmeetingeverymemberpresentinperson or,inthecaseofamemberbeingacorporation,byitsdulyauthorisedrepresentative)orby proxyshallhaveonevoteforeachshareregisteredinhisnameintheregister.Amemberentitledtomorethanonevoteisundernoobligationtocastallhisvotesinthesameway.Fortheavoidanceofdoubt,whereoneormorethanoneproxyisappointedbyarecognised clearinghouse(oritsnominee(s))e, achsuchproxyisundernoobligationtocastallhisvotesinthesameway. Countingo1f2.2 Whereanymemberis,undertheListingRules,requiredtoabstainfromvotingonany votes particularresolutionorrestrictedtovotingonlyfororonlyagainstanyparticularresolution, App3 anyvotescastbyoronbehalfofsuchmemberincontraventionofsuchrequirementor r.14 restrictionshallnotbecounted. Votesin 12.3 AnypersonentitledunderArticle6.2toberegisteredasamembermayvoteatanygeneral respectof meetinginthesamemannerasifheweretheregisteredholderofsuchshares,providedthat deceased atleast48hoursbeforethetimeoftheholdingofthemeetingoradjournedmeeting(asthe and casemaybe)atwhichheproposedtovote,heshallsatisfytheBoardofhisrighttobe bankrupt members registeredastheholderofsuchsharesortheBoardshallhavepreviouslyadmittedhisright tovoteatsuchmeetinginrespectthereof. Votesof 12.4 Wheretherearejointregisteredholdersofanyshare,anyoneofsuchpersonsmayvoteat joint anymeeting,eitherpersonallyorbyproxy,inrespectofsuchshareasifheweresolely holders entitledthereto;butifmorethanoneofsuchjointholdersbepresentatanymeeting personallyorbyproxy,thatoneofthesaidpersonssopresentbeingthemostor,asthecase maybe,themoreseniorshallalonebeentitledtovoteinrespectoftherelevantjointholdingand,forthispurpose,seniorityshallbedeterminedbyreferencetotheorderinwhichthenamesofthejointholdersstandontheregisterinrespectoftherelevantjointholding.SeveralexecutorsoradministratorsofadeceasedmemberinwhosenameanysharestandsshallforthepurposesofthisArticlebedeemedjointholdersthereof. Votesof 12.5 Amemberinrespectofwhomanorderhasbeenmadebyanycompetentcourtorofficialon memberof thegroundsthatheisormaybesufferingfrommentaldisorderorisotherwiseincapableof unsound managinghisaffairsmayvotebyanypersonauthorisedinsuchcircumstancestodoso,and mind suchpersonmayvotebyproxy. Qualificatio1n2.6 SaveasexpresslyprovidedintheseArticlesorasotherwisedeterminedbytheBoard,no forvoting personotherthanamemberdulyregisteredandwhoshallhavepaidallsumsforthetime beingduefromhimpayabletotheCompanyinrespectofhissharesshallbeentitledtobe presentortovote(saveasproxyforanothermember),ortobereckonedinaquorum,eitherpersonallyorbyproxyatanygeneralmeeting. Objections12.7 Noobjectionshallberaisedastothequalificationofanypersonexercisingorpurportingto tovoting exerciseanyvoteortotheadmissibilityofanyvoteexceptatthemeetingoradjourned meetingatwhichthepersonexercisingorpurportingtoexercisehisvoteorthevoteobjectedtoisgivenortendered,andeveryvotenotdisallowedatsuchmeetingshallbevalidforall purposes.Inthecaseofanydisputeastotheadmissionorrejectionofanyvote,theChairmanofthemeetingshalldeterminethesameandsuchdeterminationshallbefinalandconclusive. Proxies 12.8 AnymemberoftheCompanyentitledtoattendandvoteatameetingoftheCompanyshall App13 beentitledtoappointanotherperson(whomustbeanindividual)ashisproxytoattendand PartB voteinsteadofhimandaproxysoappointedshallhavethesamerightasthememberto r.2(2) speakatthemeeting.Votesmaybegiveneitherpersonallyorbyproxy.Aproxyneednot beamemberoftheCompany.Amembermayappointanynumberofproxiestoattendin hissteadatanyonegeneralmeeting(oratanyoneclassmeeting). Instrument appointing12.9 Theinstrumentappointingaproxyshallbeinwritingunderthehandoftheappointororof proxytobe hisattorneyauthorisedinwriting,oriftheappointorisacorporation,eitherunderitssealor inwriting underthehandofanofficer,attorneyorotherpersondulyauthorisedtosignthesame. App3 r.11(2) 12.10 Theinstrumentappointingaproxyand(ifrequiredbytheBoard)thepowerofattorneyor Deliveryof otherauthority,(ifany)underwhichitissigned,oranotariallycertifiedcopyofsuchpower authorityfor orauthority,shallbedeliveredattheregisteredofficeoftheCompany(oratsuchotherplace appointment asmaybespecifiedinthenoticeconveningthemeetingorinanynoticeofanyadjournment ofproxy or,ineithercase,inanydocumentsenttherewith)notlessthan48hoursbeforethetime appointedforholdingthemeetingoradjournedmeetingatwhichthepersonnamedintheinstrumentproposestovote,or,inthecaseofapolltakensubsequentlytothedateofameetingoradjournedmeeting,notlessthan48hoursbeforethetimeappointedforthetakingofthepoll,andindefaulttheinstrumentofproxyshallnotbetreatedasvalidprovidedalwaysthattheChairmanofthemeetingmayathisdiscretiondirectthataninstrumentofproxyshallbedeemedtohavebeendulydepositeduponreceiptoftelexorcableorfacsimileconfirmationfromtheappointorthattheinstrumentofproxydulysignedisinthecourseof transmissiontotheCompany.Noinstrumentappointingaproxyshallbevalidafterthe expirationof12monthsfromthedatenamedinitasthedateofitsexecution.Deliveryofanyinstrumentappointingaproxyshallnotprecludeamemberfromattendingandvotinginpersonatthemeetingorpollconcernedand,insuchevent,theinstrumentappointingaproxyshallbedeemedtoberevoked. Formof 12.11 Everyinstrumentofproxy,whetherforaspecifiedmeetingorotherwise,shallbeincommon proxy formorsuchotherformthatcomplieswiththeListingRulesastheBoardmayfromtimeto App3 timeapprove,providedthatitshallenableamember,accordingtohisintention,toinstruct r.11(1) hisproxytovoteinfavouroforagainst(orindefaultofinstructionsorintheeventofconflicting instructions,toexercisehisdiscretioninrespectof)eachresolutiontobeproposedatthemeetingtowhichtheformofproxyrelates. Authority 12.12 Theinstrumentappointingaproxytovoteatageneralmeetingshall:a( )bedeemedtoconfer under authoritytovoteonanyamendmentofaresolutionputtothemeetingforwhichitisgivenasinstrument theproxythinksfit;and(b)unlessthecontraryisstatedtherein,bevalidaswellforany appointing adjournmentofthemeetingasforthemeetingtowhichitrelates,providedthatthemeetingproxy wasoriginallyheldwithin12monthsfromsuchdate. 12.13 Avotegiveninaccordancewiththetermsofaninstrumentofproxyorresolutionofamember Whenvoteby shallbevalidnotwithstandingthepreviousdeathorinsanityoftheprincipalorrevocationof proxy/ theproxyorpowerofattorneyorotherauthorityunderwhichtheproxyorresolutionofa representative memberwasexecutedorrevocationoftherelevantresolutionorthetransferofthesharein validthough authority respectofwhichtheproxywasgiven,providedthatnointimationinwritingofsuchdeath, revoked insanity,revocationortransferasaforesaidshallhavebeenreceivedbytheCompanyatits registeredoffice,oratsuchotherplaceasisreferredtoinArticle12.10,atleasttwohours beforethecommencementofthemeetingoradjournedmeetingatwhichtheproxyisused. 12.14 AnycorporationwhichisamemberoftheCompanymay,byresolutionofitsdirectorsorCorporations/ othergoverningbodyorbypowerofattorney,authorisesuchpersonasitthinksfittoactasclearinghouses itsrepresentativeatanymeetingoftheCompanyorofmembersofanyclassofsharesofactingby theCompanyandthepersonsoauthorisedshallbeentitledtoexercisethesamepowersonrepresentatives behalfofthecorporationwhichherepresentsasthatcorporationcouldexerciseifitwereanatmeetings App.13 individualmemberoftheCompanyandwhereacorporationissorepresented,itshallbe PartB treatedasbeingpresentatanymeetinginperson. r.2(2) 12.15 Ifarecognisedclearinghouse(oritsnominee(s))isamemberoftheCompanyitmay App13 authorisesuchpersonorpersonsasitthinksfittoactasitsrepresentative(s)atanygeneral PartB meetingoftheCompanyoratanygeneralmeetingofanyclassofmembersoftheCompany r.6 providedthat,ifmorethanonepersonissoauthorised,theauthorisationshallspecifythe numberandclassofsharesinrespectofwhicheachsuchpersonissoauthorised.Aperson soauthorisedpursuanttothisprovisionwillbedeemedtohavebeendulyauthorisedwithouttheneedofproducinganydocumentsoftitle,notarisedauthorisationand/orfurtherevidenceforsubstantiatingthefactsthatitisdulyauthorisedandshallbeentitledtoexercisethesame rightsandpowersonbehalfoftherecognisedclearinghouse(oritsnominee(s))whichhe representsasthatrecognisedclearinghouse(oritsnominee(s))couldexerciseasifsuchpersonwereanindividualmemberoftheCompanyholdingthenumberandclassofsharesspecifiedinsuchauthorisation,notwithstandinganycontraryprovisioncontainedintheseArticles. 13 RegisteredOffice Registered TheregisteredofficeoftheCompanyshallbeatsuchplaceintheBritishVirginIslandsas office theBoardshallfromtimetotimeappoint. 14 BoardofDirectors Constitution14.1 ThenumberofDirectorsshallnotbelessthantwo. Bvaocaardncmieasy/1fi4ll .2 TheBoardshallhavepowerfromtimetotimeandatanytimetoappointanypersonasa appoint DirectoreithertofillacasualvacancyorasanadditiontotheBoard.AnyDirectorso additional Directors App3 r.4(2) appointedshallholdofficeonlyuntilthenextfollowingannualgeneralmeetingoftheCompanyandshallthenbeeligibleforre-electionatthatmeeting. Powerof14.3 TheCompanymayfromtimetotimeingeneralmeetingbyResolutionofMembersincrease general orreducethenumberofDirectorsbutsothatthenumberofDirectorsshallnotbelessthan meetingto two.SubjecttotheprovisionsoftheseArticlesandtheAct,theCompanymaybyResolution increaseor ofMemberselectanypersontobeaDirectoreithertofillacasualvacancyorasanaddition reducethe totheexistingDirectors.AnyDirectorsoappointedshallholdofficeonlyuntilthenext numberof followingannualgeneralmeetingoftheCompanyandshallthenbeeligibleforre-election. Directors Noticetobe14.4 Nopersonshall,unlessrecommendedbytheBoard,beeligibleforelectiontotheofficeof givenwhen Directoratanygeneralmeetingunlessduringtheperiod,whichshallbeatleastsevendays, person commencingnoearlierthanthedayafterthedespatchofthenoticeofthemeetingappointed proposedfor forsuchelectionandendingnolaterthansevendayspriortothedateofsuchmeeting,there election hasbeengiventotheSecretarynoticeinwritingbyamemberoftheCompany(notbeingthe App3 persontobeproposed),entitledtoattendandvoteatthemeetingforwhichsuchnoticeis r.4(4) r.4(5) given,ofhisintentiontoproposesuchpersonforelectionandalsonoticeinwritingsigned bythepersontobeproposedofhiswillingnesstobeelected. Registerof14.5 TheCompanyshallkeepatitsofficearegisterofDirectorscontainingtheirnamesand Directors addressesandoccupationsandanyotherparticularsrequiredbytheAct. Powerto14.6 TheCompanymaybyResolutionofMembersatanytimeremoveanyDirector(includinga remove ManagingDirectororotherexecutiveDirector)beforetheexpirationofhisperiodofoffice Directorby notwithstandinganythingintheseArticlesorinanyagreementbetweentheCompanyand ordinary suchDirectorandmaybyResolutionofMemberselectanotherpersoninhisstead.Any resolution personsoelectedshallholdofficeduringsuchtimeonlyastheDirectorinwhoseplaceheis App13 electedwouldhaveheldthesameifhehadnotbeenremoved. NothinginthisArticleshould PartB r.5(1) betakenasdeprivingaDirectorremovedunderanyprovisionsofthisArticleofcompensation App3 ordamagespayabletohiminrespectoftheterminationofhisappointmentasDirectororof r.4(3) anyotherappointmentorofficeasaresultoftheterminationofhisappointmentasDirector orasderogatoryfromanypowertoremoveaDirectorwhichmayexistapartfromtheprovisionofthisArticle. Alternate14.7 ADirectormayatanytimebynoticeinwritingdeliveredtotheregisteredofficeofthe Directors CompanyoratameetingoftheBoard,appointanyperson(includinganotherDirector)tobe hisalternateDirectorinhisplaceduringhisabsenceandmayinlikemanneratanytime determinesuchappointment.Suchappointment,unlesspreviouslyapprovedbytheBoard,shallhaveeffectonlyuponandsubjecttobeingsoapproved,providedthattheBoardmaynotwithholdapprovalofanysuchappointmentwheretheproposedappointeeisaDirector. 14.8 TheappointmentofanalternateDirectorshalldetermineonthehappeningofanyeventwhich,wereheaDirector,wouldcausehimtovacatesuchofficeorifhisappointorceasestobeaDirector. 14.9 AnalternateDirectorshall(exceptwhenabsentfromHongKong),beentitledtoreceiveand waive(inlieuofhisappointor)noticesofmeetingsoftheDirectorsandshallbeentitledto attendandvoteasaDirectorandbecountedinthequorumatanysuchmeetingatwhichtheDirectorappointinghimisnotpersonallypresentandgenerallyatsuchmeetingtoperform allthefunctionsofhisappointorasaDirectorandforthepurposesoftheproceedingsat suchmeetingtheprovisionsoftheseArticlesshallapplyasifhei(nsteadofhisappointor) wereaDirector.IfheshallbehimselfaDirectororshallattendanysuchmeetingasan alternateformorethanoneDirectorhisvotingrightsshallbecumulativeandheneednotuse allhisvotesorcastallthevotesheusesinthesameway.Ifhisappointorisforthetime beingabsentfromHongKongorotherwisenotavailableorunabletoact(astowhicha certificatebythealternateshallintheabsenceofactualnoticetothecontrarytootherDirectorsbeconclusive),hissignaturetoanyresolutioninwritingoftheDirectorsshallbeas effectiveasthesignatureofhisappointor.TosuchextentastheBoardmayfromtimetotimedetermineinrelationtoanycommitteeoftheBoard,theprovisionsofthisArticleshallalsoapplymutatismutandistoanymeetingofanysuchcommitteeofwhichhisappointoris amember.AnalternateDirectorshallnot,saveasaforesaid,havepowertoactasaDirectornorshallhebedeemedtobeaDirectorforthepurposesoftheseArticles. 14.10 AnalternateDirectorshallbeentitledtocontractandbeinterestedinandbenefitfrom contractsorarrangementsortransactionsandtoberepaidexpensesandtobeindemnifiedtothesameextentmutatismutandisasifhewereaDirector,butheshallnotbeentitledtoreceivefromtheCompanyinrespectofhisappointmentasalternateDirectorany remunerationexceptonlysuchpart(ifany)oftheremunerationotherwisepayabletohisappointorassuchappointormaybynoticeinwritingtotheCompanyfromtimetotimedirect. 14.11 InadditiontotheprovisionsofArticles14.7to14.10,aDirectormayberepresentedatany meetingoftheBoard(orofanycommitteeoftheBoard)byaproxyappointedbyhim,inwhicheventthepresenceorvoteoftheproxyshallforallpurposesbedeemedtobethatof theDirector.AproxyneednothimselfbeaDirectorandtheprovisionsofArticles12.8to12.13shallapplymutatismutandistotheappointmentofproxiesbyDirectorssavethataninstrumentappointingaproxyshallnotbecomeinvalidaftertheexpirationoftwelvemonthsfromitsdateofexecutionbutshallremainvalidforsuchperiodastheinstrumentshallprovideor,ifnosuchprovisionismadeintheinstrument,untilrevokedinwritingandsavealsothataDirectormayappointanynumberofproxiesalthoughonlyonesuchproxymayattendin hissteadatmeetingsoftheBoard(orofanycommitteeoftheBoard). 14.12 ADirectorneednotholdanyqualificationshares.NoDirectorshallberequiredtovacate Qualification officeorbeineligibleforre-electionorre-appointmentasaDirectorandnopersonshallbe ofDirectors ineligibleforappointmentasaDirectorbyreasononlyofhishavingattainedanyparticular age. Directors' 14.13 TheDirectorsshallbeentitledtoreceivebywayofremunerationfortheirservicessuchsum asshallfromtimetotimebedeterminedbytheCompanyingeneralmeetingorbytheBoard,remuneration asthecasemaybe,suchsum(unlessotherwisedirectedbytheresolutionbywhichitis determined)tobedividedamongsttheDirectorsinsuchproportionsandinsuchmannerastheymayagree,orfailingagreement,equally,exceptthatinsucheventanyDirectorholdingofficeforlessthanthewholeoftherelevantperiodinrespectofwhichtheremunerationispaidshallonlyrankinsuchdivisioninproportiontothetimeduringsuchperiodforwhichhe hasheldoffice.SuchremunerationshallbeinadditiontoanyotherremunerationtowhichaDirectorwhoholdsanysalariedemploymentorofficeintheCompanymaybeentitledbyreasonofsuchemploymentoroffice. App13 14.14 PaymenttoanyDirectororpastDirectorofanysumbywayofcompensationforlossofoffice PartB orasconsiderationfororinconnectionwithhisretirementfromoffice(notbeingapayment r.5(4) towhichtheDirectoriscontractuallyentitled)mustfirstbeapprovedbyResolutionof Members. Directors' 14.15 TheDirectorsshallbeentitledtobepaidallexpenses,includingtravelexpenses,reasonably incurredbytheminorinconnectionwiththeperformanceoftheirdutiesasDirectorsincluding expenses theirexpensesoftravellingtoandfromBoardmeetings,committeemeetingsorgeneral meetingsorotherwiseincurredwhilstengagedonthebusinessoftheCompanyorinthedischargeoftheirdutiesasDirectors. Special 14.16 TheBoardmaygrantspecialremunerationtoanyDirector,whoshallperformanyspecialor remuneration extraservicesattherequestoftheCompany.Suchspecialremunerationmaybemade payabletosuchDirectorinadditiontoorinsubstitutionforhisordinaryremunerationasaDirector,andmaybemadepayablebywayofsalary,commissionorparticipationinprofitsorotherwiseasmaybeagreed. 14.17 TheremunerationofanExecutiveDirector(asappointedaccordingtoArticle15.1)ora Remuneration DirectorappointedtoanyotherofficeinthemanagementoftheCompanyshallfromtimetoofManaging timebefixedbytheBoardandmaybebywayofsalary,commission,orparticipationinprofitsDirectors,etc. orotherwiseorbyalloranyofthosemodesandwithsuchotherbenefits(includingshare optionando/ rpensionand/orgratuityand/orotherbenefitsonretirement)andallowancesas theBoardmayfromtimetotimedecide.Suchremunerationshallbeinadditiontosuch remunerationastherecipientmaybeentitledtoreceiveasaDirector. 14.18 TheofficeofaDirectorshallbevacated: Whenoffice ofDirectorto a) ifheresignshisofficebynoticeinwritingtotheCompanyatitsregisteredofficeor bevacated itsprincipalofficeinHongKong; App13 PartB r.5(1) b) ifanorderismadebyanycompetentcourtorofficialonthegroundsthatheisormay besufferingfrommentaldisorderorisotherwiseincapableofmanaginghisaffairs andtheBoardresolvesthathisofficebevacated; c) if,withoutleave,heisabsentfrommeetingsoftheBoard(unlessanalternateDirector appointedbyhimattendsinhisplace)foracontinuousperiodof12months,andthe Boardresolvesthathisofficebevacated; d) ifhebecomesbankruptorhasareceivingordermadeagainsthimorsuspends paymentorcompoundswithhiscreditorsgenerally; e) ifheceasestobeorisprohibitedfrombeingaDirectorbylaworbyvirtueofany provisionsintheseArticles; f) ifheshallberemovedfromofficebynoticeinwritingserveduponhimsignedbynot lessthanthree-fourthsinnumber(or,ifthatisnotaroundnumber,thenearestlower roundnumber)oftheDirectors(includinghimself)theninoffice;or g) ifheshallberemovedfromofficebyResolutionofMembersunderArticle14.6. Retirementby AteveryannualgeneralmeetingoftheCompanyone-thirdoftheDirectorsforthetimebeing rotation or,iftheirnumberisnotthreeoramultipleofthree,thenthenumbernearestto,butnotless than,one-third)shallretirefromofficebyrotationprovidedthateveryDirector(includingthose appointedforaspecificterm)shallbesubjecttoretirementbyrotationatleastonceevery threeyears.AnyDirectorappointedpursuanttoArticle14.2orArticle14.3shallnotbetaken intoaccountindeterminingwhichDirectorsaretoretirebyrotation.AretiringDirectorshallretainofficeuntilthecloseofthemeetingatwhichheretiresandshallbeeligibleforre- electionthereat.TheCompanyatanyannualgeneralmeetingatwhichanyDirectorsretiremayfillthevacatedofficebyelectingalikenumberofpersonstobeDirectors. Directors 14.19 NoDirectororproposedDirectorshallbedisqualifiedbyhisofficefromcontractingwiththe maycontract Companyeitherasvendor,purchaserorotherwisenorshallanysuchcontractoranycontractwith orarrangemententeredintobyoronbehalfoftheCompanywithanyperson,companyorCompany App13 partnershipoforinwhichanyDirectorshallbeamemberorotherwiseinterestedbecapable PartB onthataccountofbeingavoided,norshallanyDirectorsocontractingorbeinganymember r.5(3) orsointerestedbeliabletoaccounttotheCompanyforanyprofitsorealisedbyanysuch contractorarrangementbyreasononlyofsuchDirectorholdingthatofficeorthefiduciaryrelationshiptherebyestablished,providedthatsuchDirectorshall,ifhisinterestinsuch contactorarrangementismaterial,declarethenatureofhisinterestattheearliestmeeting oftheBoardatwhichitispracticableforhimtodoso,eitherspecificallyorbywayofageneralnoticestatingthat,byreasonofthefactsspecifiedinthenotice,heistoberegardedasinterestedinanycontractsofaspecifieddescriptionwhichmaysubsequentlybemadeby theCompany.ForthepurposeofthisArticle,suchadisclosureisdeemednottohavebeenmadetotheBoardunlessitismadeorbroughttotheattentionofeveryDirector. 14.20 AnyDirectormaycontinuetobeorbecomeadirector,managingdirector,jointmanaging director,deputymanagingdirector,executivedirector,managerorotherofficerormember ofanyothercompanyinwhichtheCompanymaybeinterestedand(unlessotherwiseagreedbetweentheCompanyandtheDirector)nosuchDirectorshallbeliabletoaccounttotheCompanyorthemembersforanyremunerationorotherbenefitsreceivedbyhimasadirector,managingdirector,jointmanagingdirector,deputymanagingdirector,executive director,managerorotherofficerormemberofanysuchothercompany.TheDirectorsmayexercisethevotingpowersconferredbythesharesinanyothercompanyheldorownedbytheCompany,orexercisablebythemasdirectorsofsuchothercompanyinsuchmannerin allrespectsastheythinkfiti(ncludingtheexercisethereofinfavourofanyresolutionappointingthemselvesoranyofthemdirectors,managingdirectors,jointmanagingdirectors,deputymanagingdirectors,executivedirectors,managersorotherofficersofsuchcompany)andanyDirectormayvoteinfavouroftheexerciseofsuchvotingrightsinmanneraforesaidnotwithstandingthathemaybe,orisabouttobe,appointedadirector,managingdirector,jointmanagingdirector,deputymanagingdirector,executivedirector,managerorotherofficerofsuchacompany,andthatassuchheisormaybecomeinterestedintheexerciseofsuchvotingrightsinthemanneraforesaid. 14.21 ADirectormayholdanyotherofficeorplaceofprofitwiththeCompany(exceptthatof Auditor)inconjunctionwithhisofficeofDirectorforsuchperiodanduponsuchtermsasthe Boardmaydetermine,andmaybepaidsuchextraremunerationtherefor(whetherbywayof salary,commission,participationinprofitorotherwise)astheBoardmaydetermine,andsuchextraremunerationshallbeinadditiontoanyremunerationprovidedforbyorpursuanttoanyotherArticle. Directorma1y4.22 ADirectorshallnotbeentitledtovoteon(norshallbecountedinthequoruminrelationto) notvotewhere anyResolutionofDirectorsinrespectofanycontractorarrangementoranyotherproposal hehasa whatsoeverinwhichheoranyofhisAssociateshasanymaterialinterest,andifheshalldo material sohisvoteshallnotbecounted(norishetobecountedinthequorumfortheresolution), interest butthisprohibitionshallnotapplytoanyofthefollowingmatters,namely: App3 r.4(1) a) thegivingofanysecurityorindemnityeither: Directormay votein i) totheDirectororanyofhisAssociatesinrespectofmoneylentorobligations respectof incurredorundertakenbyhimoranyofthemattherequestoforforthe certain matters benefitoftheCompanyoranyofitssubsidiaries;or App3 Note1 ii) toathirdpartyinrespectofadebtorobligationoftheCompanyoranyofits subsidiariesforwhichtheDirectororanyofhisAssociateshas himself/themselvesassumedresponsibilityinwholeorinpartandwhether aloneorjointlyunderaguaranteeorindemnityorbythegivingofsecurity; b) anyproposalconcerninganofferofsharesordebenturesorothersecuritieswhich theCompanymaypromoteorbeinterestedinforsubscriptionorpurchasewherethe DirectororanyofhisAssociatesis/areoris/aretobeinterestedasaparticipantin theunderwritingorsub-underwritingoftheoffer; c) anyproposalconcerninganyothercompanyinwhichtheDirectororanyofhis Associatesis/areinterestedonly,whetherdirectlyorindirectly,asanofficeror executiveorshareholderorinwhichtheDirectororanyofhisAssociatesis/are beneficiallyinterestedinthesharesofthatcompany,providedthat,theDirectorand anyofhisAssociatesis/arenot,inaggregate,beneficiallyinterestedin5%ormore oftheissuedsharesofanyclassofsuchcompany(orofanythirdcompanythrough whichhisinterestorthatofanyofhisAssociatesisderived)orofthevotingrights; d) anyproposalorarrangementconcerningthebenefitofemployeesoftheCompany oranyofitssubsidiariesincluding: i) theadoption,modificationoroperationofanyemployees'shareschemeor anyshareincentiveschemeorshareoptionschemeunderwhichtheDirector oranyofhisAssociatesmaybenefit;or ii) theadoption,modificationoroperationofapensionorprovidentfundor retirement,deathordisabilitybenefitsschemewhichrelatesbothtoDirectors, theirAssociatesandemployeesoftheCompanyoranyofitssubsidiariesand doesnotprovideinrespectofanyDirectororanyofhisAssociatesassuch anyprivilegeoradvantagenotgenerallyaccordedtotheclassofpersonsto whichsuchschemeorfundrelates;and e) anycontractorarrangementinwhichtheDirectororanyofhisAssociatesis/are interestedinthesamemannerasotherholdersofsharesordebenturesorother securitiesoftheCompanybyvirtueonlyofhis/theirinterestinsharesordebentures orothersecuritiesoftheCompany. 14.23 Whereproposalsareunderconsiderationconcerningtheappointment(includingfixingor Directormay varyingthetermsoforterminatingtheappointment)oftwoormoreDirectorstoofficesorvoteon employmentswiththeCompanyoranycompanyinwhichtheCompanyisinterested,suchproposals proposalsshallbedividedandconsideredinrelationtoeachDirectorseparatelyandinsuchnot concerning caseeachoftheDirectorsconcerned(ifnotprohibitedfromvotingunderArticle14.22shall own beentitledtovote(andbecountedinthequorum)inrespectofeachresolutionexceptthat appointment concerninghisownappointment. Whoto 14.24 IfanyquestionshallariseatanymeetingoftheBoardastothematerialityofaDirectors' decide interestorthesignificanceofacontract,arrangementortransactionorproposedcontract, whethera arrangementortransactionorastotheentitlementofanyDirectortovoteorformpartofa Directormay quorumandsuchquestionisnotresolvedbyhisvoluntarilyagreeingtoabstainfromvoting vote ornottobecountedinthequorum,suchquestionshallbereferredtotheChairmanofthe meeting(or,wherequestionrelatestotheinterestoftheChairman,totheotherDirectorsat themeeting)andhisruling(or,asappropriate,therulingoftheotherDirectors)inrelationto anyotherDirector(or,asappropriate,theChairman)shallbefinalandconclusiveexceptin acasewherethenatureorextentoftheinterestsoftheDirectorconcerned(or,as appropriate,theChairman)asknowntosuchDirector(or,asappropriate,theChairman)has notbeenfairlydisclosedtotheBoard. 15 ManagingDirectors Powerto15.1 TheBoardmayfromtimetotimeappointanyoneormoreofitsbodytotheofficeofManaging appoint Director,JointManagingDirector,DeputyManagingDirector,orotherExecutiveDirector Managing and/orsuchotheremploymentorexecutive officeinthemanagement ofthebusinessofthe Directors, etc. Companyasitmaydecideforsuchperiodanduponsuchtermsasitthinksfitanduponsuch termsastoremunerationasitmaydecideinaccordancewithArticle14.17. 15.2 EveryDirectorappointedtoanofficeunderArticle15.1hereofshall,withoutprejudicetoany Removalof claimfordamagesthatsuchDirectormayhaveagainsttheCompanyortheCompanymay Managing haveagainstsuchDirectorforanybreachofanycontractofservicebetweenhimandthe Director,etc. Company,beliabletobedismissedorremovedtherefrombytheBoard. 15.3 ADirectorappointedtoanofficeunderArticle15.1shallbesubjecttothesameprovisions Cessationof astoremovalastheotherDirectors,andheshall,withoutprejudicetoanyclaimfordamagesappointment thatsuchDirectormayhaveagainsttheCompanyortheCompanymayhaveagainstsuch DirectorforanybreachofanycontractofservicebetweenhimandtheCompany,ipsofactoandimmediatelyceasetoholdsuchofficeifheshallceasetoholdtheofficeofDirectorforanycause. 15.4 TheBoardmayfromtimetotimeentrusttoandconferuponaManagingDirector,Joint Powersmay ManagingDirector,DeputyManagingDirectororExecutiveDirectoralloranyofthepowers bedelegated oftheBoardthatitmaythinkfit.ButtheexerciseofallpowersbysuchDirectorshallbe subjecttosuchregulationsandrestrictionsastheBoardmayfromtimetotimemakeandimpose,andthesaidpowersmayatanytimebewithdrawn,revokedorvariedbutnopersondealingingoodfaithandwithoutnoticeofsuchwithdrawal,revocationorvariationshallbeaffectedthereby. 16 Management General 16.1 SubjecttoanyexercisebytheBoardofthepowersconferredbyArticles171. to17.3,the powersof managementofthebusinessoftheCompanyshallbevestedintheBoardwhich,inaddition Company tothepowersandauthoritiesbytheseArticlesexpresslyconferreduponit,mayexerciseall vestedin suchpowersanddoallsuchactsandthingsasmaybeexercisedordoneorapprovedby Board theCompanyandarenotherebyorbytheActexpresslydirectedorrequiredtobeexercisedordonebytheCompanyingeneralmeeting,butsubjectneverthelesstotheprovisionsoftheActandoftheseArticlesandtoanyregulationfromtimetotimemadebytheCompanyingeneralmeetingnotbeinginconsistentwithsuchprovisionsortheseArticles,providedthatnoregulationsomadeshallinvalidateanyprioractoftheBoardwhichwouldhavebeenvalidifsuchregulationhadnotbeenmade. 16.2 WithoutprejudicetothegeneralpowersconferredbytheseArticles,itisherebyexpressly declaredthattheBoardshallhavethefollowingpowers: a) togivetoanypersontherightoroptionofrequiringatafuturedatethatanallotment shallbemadetohimofanyshareatparoratsuchpremiumasmaybeagreed;and b) togivetoanyDirectors,officersoremployeesoftheCompanyaninterestinany particularbusinessortransactionorparticipationintheprofitsthereoforinthe generalprofitsoftheCompanyeitherinadditiontoorinsubstitutionforasalaryor otherremuneration. App13 16.3 Exceptaswould,iftheCompanywereacompanyincorporatedinHongKong,bepermitted PartB bySection157HoftheCompaniesOrdinanceasinforceatthedateofadoptionofthese r.52( ) Articles,andexceptaspermittedundertheAct,theCompanyshallnotdirectlyorindirectly: a) makealoantoaDirectororhisAssociatesoradirectorofanyholdingcompanyoftheCompany; b) enterintoanyguaranteeorprovideanysecurityinconnectionwithaloanmadeby anypersontoaDirectororsuchadirector;or c) ifanyoneormoreoftheDirectorshold(jointlyorseverallyordirectlyorindirectly)a controllinginterestinanothercompany,makealoantothatothercompanyorenter intoanyguaranteeorprovideanysecurityinconnectionwithaloanmadebyany persontothatothercompany. 17 Managers 17.1 TheBoardmayfromtimetotimeappointageneralmanager,managerormanagersofthe Appointment Companyandmayfixhisortheirremunerationeitherbywayofsalaryorcommissionorby and conferringtherighttoparticipationintheprofitsoftheCompanyorbyacombinationoftwo remuneration ormoreofthesemodesandpaytheworkingexpensesofanyofthestaffofthegeneral ofmanagers manager,managerormanagerswhomaybeemployedbyhimortheminconnectionwiththeconductofthebusinessoftheCompany. Tenureof 17.2 Theappointmentofsuchgeneralmanager,managerormanagersmaybeforsuchperiodas theBoardmaydecideandtheBoardmayconferuponhimorthemalloranyofthepowersofficeand oftheBoardasitmaythinkfit. powers Termsand17.3 TheBoardmayenterintosuchagreementoragreementswithanysuchgeneralmanager, conditionsof managerormanagersuponsuchtermsandconditionsinallrespectsastheBoardmayin appointment itsabsolutediscretionthinkfit,includingapowerforsuchgeneralmanager,manageror managerstoappointanassistantmanagerormanagersorotheremployeeswhatsoeverunderthemforthepurposeofcarryingonthebusinessoftheCompany. 18 ProceedingsofDirectors 18.1 TheBoardmaymeettogetherforthedespatchofbusiness,adjournandotherwiseregulate Meetingsof itsmeetingsandproceedingsasitthinksfitinanypartoftheworldandmaydeterminethe Directors/ quorumnecessaryforthetransactionofbusiness.Unlessotherwisedeterminedthree Quorumetc. Directors,ofwhomatleastonemustbeanindependentnon-executiveDirector,shallbea quorum.ForthepurposesofthisArticleanalternateDirectorshallbecountedinaquorum inplaceoftheDirectorwhoappointedhimandanalternateDirectorwhoisanalternateformorethanoneDirectorshallforquorumpurposesbecountedseparatelyinrespectofhimself ifheisaDirector)andinrespectofeachDirectorforwhomheisanalternate(butsothatnothinginthisprovisionshallbeconstruedasauthorisingameetingtobeconstitutedwhen onlyonepersonisphysicallypresent).AmeetingoftheBoardoranycommitteeoftheBoardmaybeheldbymeansofatelephoneortele-conferencingoranyothertelecommunicationsfacilityprovidedthatallparticipantsaretherebyabletocommunicatecontemporaneously byvoicewithallotherparticipantsandparticipationinameetingpursuanttothisprovisionshallconstitutepresenceinpersonatsuchmeeting. 18.2 ADirectormay,andonrequestofaDirectortheSecretaryshall,atanytimesummona Convening meetingoftheBoard.FailinganydeterminationbytheBoard,notlessthan48hoursnotice ofboard thereofshallbegiventoeachDirectoreitherinwritingorbytelephoneorbyfacsimile,telex meeting ortelegramattheaddressortelephone,facsimileortelexnumberfromtimetotimenotified totheCompanybysuchDirectororinsuchothermannerastheBoardmayfromtimetotimedetermineprovidedthatnoticeneednotbegiventoanyDirectororalternateDirectorforthetimebeingabsentfromHongKong. How 18.3 SubjecttoArticles14.19to14.24,questionsarisingatanymeetingoftheBoardshallbe questionsto decidedbyamajorityofvotes,andincaseofanequalityofvotestheChairmanshallhavea bedecided secondorcastingvote. Chairman18.4 TheBoardmayelectaChairmanofitsmeetingsanddeterminetheperiodforwhichheisto holdoffice;butifnosuchChairmaniselected,orifatanymeetingtheChairmanisnotpresent within15minutesafterthetimeappointedforholdingthesame,theDirectorspresentmaychooseoneoftheirnumbertobeChairmanofthemeeting. Powerof18.5 AmeetingoftheBoardforthetimebeingatwhichaquorumispresentshallbecompetent meeting toexercisealloranyoftheauthorities,powersanddiscretionsbyorundertheseArticlesfor thetimebeingvestedinorexercisablebytheBoardgenerally. 18.6 TheBoardmaydelegateanyofitspowerstocommitteesconsistingofsuchmemberor Powerto membersoftheBoard(includingalternateDirectorsintheabsenceoftheirappointers)as appoint theBoardthinksfit,anditmayfromtimetotimerevokesuchdelegationorrevokethe committee appointmentofanddischargeanycommitteeseitherwhollyorinpart,andeitherasto andto personsorpurposes,buteverycommitteesoformedshallintheexerciseofthepowersso delegate delegatedconformtoanyregulationsthatmayfromtimetotimebeimposeduponitbytheBoard. Actsof 18.7 Allactsdonebyanysuchcommitteeinconformitywithsuchregulationsandinfulfilmentof committeeto thepurposesforwhichitisappointed,butnototherwise,shallhavethelikeforceandeffect beofsame asifdonebytheBoard,andtheBoardshallhavepower,withtheconsentoftheCompany effectasactof ingeneralmeeting,toremuneratethemembersofanysuchcommittee,andchargesuch Directors remunerationtothecurrentexpensesoftheCompany. 18.8 Themeetingsandproceedingsofanysuchcommitteeconsistingoftwoormoremembersof Proceedings theBoardshallbegovernedbytheprovisionshereincontainedforregulatingthemeetings ofcommittee andproceedingsoftheBoardsofarasthesameareapplicabletheretoandarenotreplaced byanyregulationsimposedbytheBoardpursuanttoArticle18.6. 18.9 TheBoardshallcauseminutestobemadeof: Minutesof proceedingsof a) allappointmentsofofficersmadebytheBoard; meetingsand Directors b) thenamesoftheDirectorspresentateachmeetingoftheBoardandofcommittees appointedpursuanttoArticle18.6; c) alldeclarationsmadeornoticesgivenbyanyDirectorofhisinterestinanycontract orproposedcontractorofhisholdingofanyofficeorpropertywherebyanyconflict ofdutyorinterestmayarise;and d) allresolutionsandproceedingsatallmeetingsoftheCompanyandoftheBoardand ofsuchcommittees. 18.10 Anysuchminutesshallbeconclusiveevidenceofanysuchproceedingsiftheypurporttobe signedbythechairmanofthemeetingorbythechairmanofthesucceedingmeeting. 18.11 AllactsbonafidedonebyanymeetingoftheBoardorbyacommitteeofDirectorsorbyany Whenactsof personactingasDirectorshall,notwithstandingthatitshallbeafterwardsdiscoveredthat Directorsor therewassomedefectintheappointmentofsuchDirectororpersonsactingasaforesaidor committeetobe thattheyoranyofthemweredisqualified,beasvalidasifeverysuchpersonhadbeenduly valid appointedandwasqualifiedtobeaDirectorormemberofsuchcommitteeasthecasemay notwithstanding defects be. Directors' 18.12 ThecontinuingDirectorsmayactnotwithstandinganyvacancyintheirbody,but,ifandso powers longastheirnumberisreducedbelowthenumberfixedbyorpursuanttotheseArticlesas when thenecessaryquorumofDirectors,thecontinuingDirectororDirectorsmayactforthe vacancies purposeofincreasingthenumberofDirectorstothatnumberorofsummoningageneral exist meetingoftheCompanybutfornootherpurpose. 18.13 UnlessrequiredotherwisebytheListingRules,aWrittenResolutionsignedbyeachand Directors' everyoneoftheDirectors(ortheirrespectivealternatespursuanttoArticle14.9)shallbeas resolutions validandeffectualasifithadbeenpassedatameetingoftheBoarddulyconvenedandheld andmayconsistofseveraldocumentsinlikeformeachsignedbyoneormoreoftheDirectorsoralternateDirectors. 19 Secretary 19.1 TheSecretaryshallbeappointedbytheBoardforsuchterm,atsuchremunerationandupon Appointment suchconditionsasitmaythinkfit,andanySecretarysoappointedmayberemovedbythe ofSecretary Board.AnythingbytheActortheseArticlesrequiredorauthorisedtobedonebyortothe Secretary,iftheofficeisvacantorthereisforanyotherreasonnoSecretarycapableofacting,maybedonebyortoanyassistantordeputySecretaryappointedbytheBoard,orifthereisnoassistantordeputySecretarycapableofacting,byortoanyofficeroftheCompanyauthorisedgenerallyorspecificallyinthatbehalfbytheBoard. Sameperso1n9.2 AprovisionoftheActoroftheseArticlesrequiringorauthorisingathingtobedonebyorto nottoactin aDirectorandtheSecretaryshallnotbesatisfiedbyitsbeingdonebyortothesamepersontwo actingbothasDirectorandasorinplaceoftheSecretary. capacitiesat once 20 GeneralManagementandUseoftheSeal Custody 20.1 TheBoardshallprovideforthesafecustodyofthesealwhichshallonlybeusedbythe anduse authorityoftheBoardorofacommitteeoftheBoardauthorisedbytheBoardinthatbehalf, ofseal andeveryinstrumenttowhichsuchsealshallbeaffixedshallbesignedbyaDirectorand shallbecountersignedbytheSecretaryorbyasecondDirectororbysomeotherperson appointedbytheBoardforthepurpose.Thesecuritiessealwhichshallbeafacsimileofthe commonsealwiththeword"Securities"engravedthereonshallbeusedexclusivelyforsealingsecuritiesissuedbytheCompanyandforsealingdocumentscreatingorevidencing securitiessoissued.TheBoardmayeithergenerallyorinanyparticularcaseresolvethatthesecuritiessealoranysignaturesoranyofthemmaybeaffixedtocertificatesforshares,warrants,debenturesoranyotherformofsecuritybyfacsimileorothermechanicalmeansspecifiedinsuchauthorityorthatanysuchcertificatessealedwiththesecuritiessealneed notbesignedbyanyperson.Everyinstrumenttowhichthesealisaffixedasaforesaidshall,asregardsallpersonsdealingingoodfaithwiththeCompany,bedeemedtohavebeenaffixedtothatinstrumentwiththeauthorityoftheDirectorspreviouslygiven. 20.2 TheCompanymayhaveaduplicatesealforuseoutsideoftheBritishVirginIslandsasand Duplicateseal wheretheBoardshalldetermine,andtheCompanymaybywritingunderthesealappointanyagentsoragent,committeesorcommitteeabroadtobetheagentsoftheCompanyforthepurposeofaffixingandusingsuchduplicatesealandtheymayimposesuchrestrictions ontheusethereofasmaybethoughtfit.WhereverintheseArticlesreferenceismadetotheseal,thereferenceshall,whenandsofarasmaybeapplicable,bedeemedtoincludeanysuchduplicatesealasaforesaid. 20.3 Allcheques,promissorynotes,drafts,billsofexchangeandothernegotiableinstruments, Chequesand andallreceiptsformoneyspaidtotheCompanyshallbesigned,drawn,accepted,indorsed banking orotherwiseexecuted,asthecasemaybe,insuchmannerastheBoardshallfromtimeto arrangements timebyresolutiondetermine.TheCompanys' bankingaccountsshallbekeptwithsuch bankerorbankersastheBoardshallfromtimetotimedetermine. Powerto20.4 TheBoardmayfromtimetotimeandatanytime,bypowerofattorneyundertheseal,appoint appoint anycompany,firmorpersonoranyfluctuatingbodyofpersons,whethernominateddirectly attorney orindirectlybytheBoard,tobetheattorneyorattorneysoftheCompanyforsuchpurposes andwithsuchpowers,authoritiesanddiscretions(notexceedingthosevestedinor exercisablebytheBoardundertheseArticles)andforsuchperiodandsubjecttosuchconditionsasitmaythinkfit,andanysuchpowerofattorneymaycontainsuchprovisionsfortheprotectionandconvenienceofpersonsdealingwithanysuchattorneyastheBoardmaythinkfit,andmayalsoauthoriseanysuchattorneytosub-delegatealloranyofthepowers,authoritiesanddiscretionsvestedinhim. 20.5 TheCompanymay,bywritingunderitsseal,empoweranyperson,eithergenerallyorin Executionof respectofanyspecifiedmatter,asitsattorneytoexecutedeedsandinstrumentsonitsbehalf deedsby inanypartoftheworldandtoenterintocontractsandsignthesameonitsbehalfandevery attorney deedsignedbysuchattorneyonbehalfoftheCompanyandunderhissealshallbindthe CompanyandhavethesameeffectasifitwereunderthesealoftheCompany. Regional20.6 TheBoardmayestablishanycommittees,regionalorlocalboardsoragenciesformanaging orlocal anyoftheaffairsoftheCompany,eitherintheBritishVirginIslands,HongKong,thePeoples' boards RepublicofChinaorelsewhere,andmayappointanypersonstobemembersofsuch committees,regionalorlocalboardsoragenciesandmayfixtheirremuneration,andmaydelegatetoanycommittee,regionalorlocalboardoragentanyofthepowers,authorities anddiscretionsvestedintheBoard(otherthanitspowerstomakecallsandforfeitshares),withpowertosub-delegate,andmayauthorisethemembersofanylocalboardoranyof themtofillanyvacanciesthereinandtoactnotwithstandingvacancies,andanysuchappointmentordelegationmaybeuponsuchtermsandsubjecttosuchconditionsastheBoardmaythinkfit,andtheBoardmayremoveanypersonsoappointedandmayannulorvaryanysuchdelegation,butnopersondealingingoodfaithandwithoutnoticeofanysuchannulmentorvariationshallbeaffectedthereby. Powerto 20.7 TheBoardmayestablishandmaintainorprocuretheestablishmentandmaintenanceofany contributoryornon-contributorypensionorprovidentorsuperannuationfundsorw( iththe establish pensionfunds sanctionofanordinaryresolution)employeeorexecutiveshareoptionschemesforthe andemployee benefitof,orgiveorprocurethegivingofdonations,gratuities,pensions,allowancesor shareoption emolumentstoanypersonswhoareorwereatanytimeintheemploymentorserviceofthe schemes Company,orofanycompanywhichisasubsidiaryoftheCompany,orisalliedorassociated withtheCompanyorwithanysuchsubsidiarycompany,orwhoareorwereatanytimedirectorsorofficersoftheCompanyorofanysuchothercompanyasaforesaid,andholdingorwhohaveheldanysalariedemploymentorofficeintheCompanyorsuchothercompany, andthewives,widows,familiesanddependentsofanysuchpersons.TheBoardmayalsoestablishandsubsidiseorsubscribetoanyinstitutions,associations,clubsorfundscalculatedtobeforthebenefitofortoadvancetheinterestsandwell-beingoftheCompanyorofanysuchothercompanyasaforesaid,andmaymakepaymentsforortowardstheinsuranceofanysuchpersonsasaforesaid,andsubscribeorguaranteemoneyforcharitable orbenevolentobjectsorforanyexhibitionorforanypublic,generalorusefulobject.TheBoardmaydoanyofthemattersaforesaid,eitheraloneorinconjunctionwithanysuchother companyasaforesaid.AnyDirectorholdinganysuchemploymentorofficeshallbeentitledtoparticipateinandretainforhisownbenefitanysuchdonation,gratuity,pension,allowanceoremolument. 21 ApplicationofReserves Powerto 21.1 TheCompanyingeneralmeetingmay,upontherecommendationoftheBoard,byResolution ofMembersresolvethatitisdesirabletoapplyalloranypartoftheamountforthetimebeingapply standingtothecreditofanyoftheCompanys' reserveaccountsorfundsortothecreditof theprofitandlossaccountorotherwiseavailablefordistribution(andnotrequiredforthe paymentorprovisionofdividendonanyshareswithapreferentialrighttodividend)andaccordinglythatsuchsumsbesetfreefordistributionamongstthememberswhowouldhavebeenentitledtheretoifdistributedbywayofdividendandinthesameproportiononconditionthatthesamebenotpaidincashbutbeappliedeitherinortowardspayingupanyamounts forthetimebeingunpaidonanysharesheldbysuchmembersrespectivelyorpayingupinfullunissuedshares,debenturesorothersecuritiesoftheCompanytobeallottedanddistributedcreditedasfullypaiduptoandamongstsuchmembersinproportionaforesaidorpartlyinonewayandpartlyintheother,andtheBoardshallgiveeffecttosuchresolution,providedthatanyaccountnorreserveorfundoftheCompanymay,forthepurposesofthisArticle,onlybeappliedinpayingupunissuedsharestobeissuedtomembersoftheCompanyasfullypaidupsharesorpayingupcallsorinstalmentsdueorpayableonpartly paidsecuritiesoftheCompanysubjectalwaystotheprovisionsoftheAct. Effectof 21.2 WhereversucharesolutionasreferredtoinArticle21.1shallhavebeenpassedtheBoard resolution shallmakeallappropriationsandapplicationsresolvedtobeappliedthereby,andall toapply allotmentsandissuesoffullypaidupshares,debenturesorothersecurities,ifany,and generallyshalldoallactsandthingsrequiredtogiveeffectthereto,withfullpowertotheBoard: a) tomakesuchprovisionbytheissueoffractionalcertificatesorbypaymentincashor otherwise(includingprovisionswhereby,inwholeorinpart,fractionalentitlements areaggregatedandsoldandthenetproceedsdistributedtothoseentitled,orare disregardedorroundedupordownorwherebythebenefitoffractionalentitlements accruestotheCompanyratherthantothemembersconcerned)astheythinkfitin caseswhereshares,debenturesorothersecuritiesbecomedistributableinfractions; b) toexcludetherightofparticipationorentitlementofanymemberwitharegistered addressoutsideanyterritorywhereintheabsenceofaregistrationstatementorother specialoronerousformalitiesthecirculationofanofferofsuchrightorentitlement wouldormightbeunlawfulorwheretheBoardconsiderthecosts,expenseor possibledelaysinascertainingtheexistenceorextentofthelegalandother requirementsapplicabletosuchofferortheacceptanceofsuchofferoutofproportion tothebenefitsoftheCompany;and c) toauthoriseanypersontoenteronbehalfofallmembersentitledtheretointoan agreementwiththeCompanyprovidingfortheallotmenttothemrespectively, creditedasfullypaidup,ofanyfurthershares,debenturesorothersecuritiestowhich theymaybeentitleduponsuchapplication,or,asthecasemayrequire,forthe paymentupbytheCompanyontheirbehalf,bytheapplicationtheretooftheir respectiveproportionsoftheprofitsresolvedtobeapplied,oftheamountsorany partoftheamountsremainingunpaidontheirexistingshares,andanyagreement madeundersuchauthorityshallbeeffectiveandbindingonallsuchmembers. 21.3 TheBoardmay,inrelationtoanyapplicationsanctionedunderArticle21.2initsabsolute discretionspecifythat,andinsuchcircumstancesandifdirectedsotodobyamemberormembersentitledtoanallotmentanddistributioncreditedasfullypaidupofunissuedshares ordebenturesintheCompanypursuanttosuchapplication,theunissuedshares,debenturesorothersecuritiestowhichthatmemberisentitledshallbeallottedanddistributedcreditedasfullypaiduptosuchpersonorpersonsasthatmembermaynominatebynoticeinwritingtotheCompany,suchnoticetobereceivednotlaterthanthedayforwhichthegeneralmeetingoftheCompanytosanctiontheapplicationisconvened. 22 Distributions Powerto22.1 SubjecttotheprovisionsoftheActandtheseArticles,theBoardmay,byResolutionof declare Directors,declareadividendinanycurrencyatatime,andofanamount,andtoany dividends membersitthinksfitifitissatisfied,onreasonablegroundsthat,immediatelyafterthe paymentofthedividend,thevalue Companyisabletopayitsdebtsastheyfalldue. 22.2 Thedividends,interestandbonusesandanyotherbenefitsandadvantagesinthenatureof incomereceivableinrespectoftheCompanys' investments,andanycommissions,trusteeship,agency,transferandotherfeesandcurrentreceiptsoftheCompanyshall,subjecttothepaymentthereoutoftheexpensesofmanagement,interestuponborrowedmoneyandotherexpenseswhichintheopinionoftheBoardareofarevenuenature,constitutetheprofitsoftheCompanyavailablefordistribution. Board's 22.3 TheBoardmayfromtimetotimepaytothememberssuchinterimdividendsasappearto powertopay theBoardtobejustifiedbytheprofitsoftheCompanyand,inparticular(butwithoutprejudice interim tothegeneralityoftheforegoing),ifatanytimetheCompanyisauthorisedtoissuedifferent dividends classesofshares,theBoardmaypaysuchinterimdividendsinrespectofthosesharesin theCompanywhichconferontheholdersthereofdeferredornon-preferentialrightsaswellasinrespectofthoseshareswhichconferontheholdersthereofpreferentialrightswithregardtodividendandprovidedthattheBoardactsbonafide,theBoardshallnotincuranyresponsibilitytotheholdersofsharesconferringanypreferentialrights. 22.4 TheBoardmayalsopayhalf-yearlyoratotherintervalstobeselectedbyitanydividend whichmaybepayableatafixedrateiftheBoardisoftheopinionthattheprofitsavailablefordistributionjustifythepayment. Powersof 22.5 TheBoardmayinadditionfromtimetotimedeclareandpayspecialdividendsonsharesof anyclassofsuchamountsandonsuchdatesastheythinkfit,andtheprovisionsofArticleDirectorsto declareand 22.3asregardsthepowersandtheexemptionfromliabilityoftheBoardasrelateto payspecial declarationandpaymentofinterimdividendsshallapply,mutatismutandis,tothedeclaration dividends andpaymentofanysuchspecialdividends. 22.6 NodividendshallcarryinterestagainsttheCompany. Scrip 22.7 WhenevertheBoardortheCompanyingeneralmeetinghasresolvedthatadividendbe dividends paidordeclaredonthesharesintheCompany,theBoardmayfurtherresolve: EITHER Astocash a) thatsuchdividendbesatisfiedwhollyorinpartintheformofanallotmentofshares election creditedasfullypaidup,providedthatthemembersentitledtheretowillbeentitledto electtoreceivesuchdividend(orpartthereof)incashinlieuofsuchallotment.In suchcase,thefollowingprovisionsshallapply: i) thebasisofanysuchallotmentshallbedeterminedbytheBoard; ii) theBoard,afterdeterminingthebasisofallotment,shallgivenotlessthan twoweeks'noticeinwritingtothemembersoftherightofelectionaccorded tothemandshallsendwithsuchnoticeformsofelectionandspecifythe proceduretobefollowedandtheplaceatwhichandthelatestdateandtime bywhichdulycompletedformsofelectionmustbelodgedinordertobe effective; iii) therightofelectionmaybeexercisedinrespectofthewholeorpartofthat portionofthedividendinrespectofwhichtherightofelectionhasbeen accorded; iv) thedividend(orthatpartofthedividendtobesatisfiedbytheallotmentof sharesasaforesaid)shallnotbepayableincashonsharesinrespect whereofthecashelectionhasnotbeendulyexercised(the"non-elected shares")andinsatisfactionthereofsharesshallbeallottedcreditedasfully paidtotheholdersofthenone- lectedsharesonthebasisofallotment determinedasaforesaidandforsuchpurposetheBoardshallapplyoutof anypartoftheundividedprofitsoftheCompanyoranypartofanyofthe Companys' reserveaccounts(includinganyspecialaccountorshare premiumaccount(iftherebeanysuchreserve))orprofitorlossaccountor amountsotherwiseavailablefordistributionastheBoardmaydetermine,a sumequaltotheaggregatenominalamountofthesharestobeallottedon suchbasisandapplythesameinpayingupinfulltheappropriatenumberof sharesforallotmentanddistributiontoandamongsttheholdersofthenon- electedsharesonsuchbasis; OR Astoscrip b) thatmembersentitledtosuchdividendshallbeentitledtoelecttoreceivean election allotmentofsharescreditedasfullypaidupinlieuofthewholeorsuchpartofthe dividendastheBoardmaythinkfit.Insuchcase,thefollowingprovisionsshallapply: i) thebasisofanysuchallotmentshallbedeterminedbytheBoard; ii) theBoard,afterdeterminingthebasisofallotment,shallgivenotlessthan twoweeks'noticeinwritingtomembersoftherightofelectionaccordedto themandshallsendwithsuchnoticeformsofelectionandspecifythe proceduretobefollowedandtheplaceatwhichandthelatestdateandtime bywhichdulycompletedformsofelectionmustbelodgedinordertobe effective; iii) therightofelectionmaybeexercisedinrespectofthewholeorpartofthat portionofthedividendinrespectofwhichtherightofelectionhasbeen accorded; iv) thedividend(orthatpartofthedividendinrespectofwhicharightofelection hasbeenaccorded)shallnotbepayableonsharesinrespectwhereofthe shareelectionhasbeendulyexercised(the"electedshares")andinlieu thereofsharesshallbeallottedcreditedasfullypaidtotheholdersofthe electedsharesonthebasisofallotmentdeterminedasaforesaidandforsuch purposetheBoardshallandapplyoutofanypartoftheundividedprofitsof theCompanys' reserveaccounts(includinganyspecialaccountorshare premiumaccount(iftherebeanysuchreserve))orprofitandlossaccountor amountsotherwiseavailablefordistributionastheBoardmaydetermine,a sumequaltotheaggregatenominalamountofthesharestobeallottedon suchbasisandapplythesameinpayingupinfulltheappropriatenumberof sharesforallotmentanddistributiontoandamongsttheholdersoftheelected sharesonsuchbasis. 22.8 ThesharesallottedpursuanttotheprovisionsofArticle22.7shallbeofthesameclassas theclassof,andshallrankparipassuinallrespectswiththesharesthenheldbythe respectiveallotteessaveonlyasregardsparticipation: a) intherelevantdividend(orshareorcashelectioninlieuthereofasaforesaid);or b) inanyotherdistributions,bonusesorrightspaid,made,declaredorannouncedprior toorcontemporaneously withthepaymentordeclarationoftherelevantdividend, unlesscontemporaneouslywiththeannouncementbytheBoardofitsproposalto applytheprovisionsofArticle22.7(a)or227. (b)inrelationtotherelevantdividendor contemporaneouslywithitsannouncementofthedistribution,bonusorrightsin question,theBoardshallspecifythatthesharestobeallottedpursuanttothe provisionsofArticle22.7shallrankforparticipationinsuchdistributions,bonusesor rights. 22.9 TheBoardmaydoallactsandthingsconsiderednecessaryorexpedienttogiveeffecttoany applicationpursuanttotheprovisionsofArticle22.8withfullpowertotheBoardtomake suchprovisionsasitthinksfitinthecaseofsharesbecomingdistributableinfractionsincludingprovisionswhereby,inwholeorinpart,fractionalentitlementsareaggregatedandsoldandthenetproceedsdistributedtothoseentitled,oraredisregardedorroundedupordownorwherebythebenefitoffractionalentitlementsaccruestotheCompanyratherthan tothemembersconcerned).TheBoardmayauthoriseanypersontoenterintoonbehalfofallmembersinterested,anagreementwiththeCompanyprovidingforsuchapplicationandmattersincidentaltheretoandanyagreementmadepursuanttosuchauthorityshallbeeffectiveandbindingonallconcerned. 22.10 TheCompanymayupontherecommendationoftheBoardbyResolutionofMembersresolve inrespectofanyoneparticulardividendoftheCompanythatnotwithstandingtheprovisions ofArticle22.7adividendmaybesatisfiedwhollyintheformofanallotmentofsharescreditedasfullypaidwithoutofferinganyrighttomemberstoelecttoreceivesuchdividendincashinlieuofsuchallotment. 22.11 TheBoardmayonanyoccasiondeterminethatrightsofelectionandtheallotmentofshares underArticle22.7shallnotbemadeavailableormadetoanymemberswithregistered addressesinanyterritorywhereintheabsenceofaregistrationstatementorotherspecialformalitiesthecirculationofanofferofsuchrightsofelectionortheallotmentofshareswouldormightbeunlawful,orwheretheBoardconsidersthecosts,expensesorpossibledelaysinascertainingtheexistenceorextentofthelegalandotherrequirementsapplicabletosuchofferortheacceptanceofsuchofferoutofproportiontothebenefitoftheCompany,andinanysuchcasetheprovisionsaforesaidshallbereadandconstruedsubjecttosuchdetermination. 22.12 TheBoardmay,beforerecommendinganydividend,setasideoutoftheprofitsofthe Companysuchsumsasitthinksfitasareserveorreserveswhichshall,atthediscretionoftheBoard,beapplicableformeetingclaimsonorliabilitiesoftheCompanyorcontingenciesorforpayingoffanyloanorforequalisingdividendsorforanyotherpurposetowhichtheprofitsoftheCompanymaybeproperlyapplied,andpendingsuchapplicationmay,atthelikediscretion,eitherbeemployedinthebusinessoftheCompanyorbeinvestedinsuch investments(includingshares,warrantsandothersecuritiesoftheCompany)astheBoardmayfromtimetotimethinkfit,andsothatitshallnotbenecessarytokeepanyreserves separateordistinctfromanyotherinvestmentsoftheCompany.TheBoardmayalsowithoutplacingthesametoreservecarryforwardanyprofitswhichitmaythinkprudentnottodistributebywayofdividend. 22.13 Unlessandtotheextentthattherightsattachedtoanysharesorthetermsofissuethereof Dividendsto otherwiseprovide,alldividendsshall(asregardsanysharesnotfullypaidthroughoutthe bepaidin periodinrespectofwhichthedividendispaid)beapportionedandpaidprorataaccording proportionto totheamountspaiduponthesharesduringanyportionorportionsoftheperiodinrespect amounts paidupon ofwhichthedividendispaid.ForthepurposeofthisArticlenoamountpaiduponashare shares inadvanceofcallsshallbetreatedaspaidupontheshare. 22.14 TheBoardmayretainanydividendsorothermoneyspayableonorinrespectofashare Retentionof uponwhichtheCompanyhasalien,andmayapplythesameinortowardssatisfactionof dividends, thedebts,liabilitiesorengagementsinrespectofwhichthelienexists. etc. 22.15 TheBoardmayretainanydividendsorothermoniespayableuponsharesinrespectofwhich anypersonis,undertheprovisionsastothetransmissionofshareshereinbeforecontained, entitledtobecomeamember,orinrespectofwhichanypersonisunderthoseprovisionsentitledtotransfer,untilsuchpersonshallbecomeamemberinrespectofsuchsharesorshalltransferthesame. Deduction22.16 TheBoardmaydeductfromanydividendorothermoniespayabletoanymemberallsums ofdebts ofmoney(ifany)presentlypayablebyhimtotheCompanyonaccountofcalls,instalments orotherwise. 22.17 Anygeneralmeetingsanctioningadividendmaymakeacallonthemembersofsuchamount Dividendand asthemeetingresolvesbyResolutionofMembers,butsothatthecalloneachmembershall calltogether notexceedthedividendpayabletohim,andsothatthecallbemadepayableatthesame timeasthedividend,andthedividendmay,ifsoarrangedbetweentheCompanyandthemember,besetoffagainstthecall. Dividend 22.18 TheBoard,withthesanctionbyResolutionofMembers,maydirectthatanydividendbe inspecie satisfiedwhollyorinpartbythedistributionofspecificassetsofanykindandinparticularof paidupshares,debenturesorwarrantstosubscribesecuritiesofanyothercompany,orinanyoneormoreofsuchways,andwhereanydifficultyarisesinregardtothedistributiontheBoardmaysettlethesameasitthinksexpedient,andinparticularmaydisregardfractionalentitlements,roundthesameupordownorprovidethatthesameshallaccruetothebenefitoftheCompany,andmayfixthevaluefordistributionofsuchspecificassets,oranypartthereof,andmaydeterminethatcashpaymentsshallbemadetoanymembersuponthefootingofthevaluesofixedinordertoadjusttherightsofallparties,andmayvestanysuchspecificassetsintrusteesasmayseemexpedienttotheBoardandmayappointanypersontosignanyrequisiteinstrumentsoftransferandotherdocumentsonbehalfofthepersons entitledtothedividendandsuchappointmentshallbeeffective.Whererequired,acontractshallbefiledinaccordancewiththeprovisionsoftheActandtheBoardmayappointanypersontosignsuchcontractonbehalfofthepersonsentitledtothedividendandsuchappointmentshallbeeffective. Effectof 22.19 Atransferofsharesshallnotpasstherewiththerighttoanydividendorbonusdeclared transfer thereonbeforetheregistrationofthetransfer. 22.20 Anyresolutiondeclaringorresolvinguponthepaymentofadividendorotherdistributionon sharesofanyclass,whetheraResolutionofMembersoraResolutionofDirectors,mayspecifythatthesameshallbepayableormadetothepersonsregisteredastheholdersofsuchsharesatthecloseofbusinessonaparticulardate,notwithstandingthatitmaybeadatepriortothatonwhichtheresolutionispassed,andthereuponthedividendorotherdistributionshallbepayableormadetotheminaccordancewiththeirrespectiveholdingssoregistered,butwithoutprejudicetotherightsinterseinrespectofsuchdividendoftransferorsandtransfereesofanysuchshares. Receiptfor22.21 Iftwoormorepersonsareregisteredasjointholdersofanyshares,anyoneofsuchpersons dividendsby maygiveeffectualreceiptsforanydividends,interimandspecialdividendsorbonusesand jointholders othermoneyspayableorrightsorpropertydistributableinrespectofsuchshares. ofshare Payment22.22 UnlessotherwisedirectedbytheBoard,anydividend,interestorothersumpayableincash bypost toaholderofsharesmaybepaidbychequeorwarrantsentthroughtheposttotheregistered addressofthememberentitled,or,incaseofjointholders,totheregisteredaddressofthepersonwhosenamestandsfirstintheregisterinrespectofthejointholdingortosuchperson andtosuchaddressastheholderorjointholdersmayinwritingdirect.Everychequeorwarrantsosentshallbemadepayabletotheorderoftheholderor,inthecaseofjointholders,totheorderoftheholderwhosenamestandsfirstontheregisterinrespectofsuch sharesandshallbesentathisortheirrisk,andthepaymentofanysuchchequeorwarrantbythebankonwhichitisdrawnshalloperateasagooddischargetotheCompanyinrespectofthedividendand/orbonusrepresentedthereby,notwithstandingthatitmaysubsequentlyappearthatthesamehasbeenstolenorthatanyendorsementthereonhasbeenforged.App3 22.23 TheCompanymayceasesendingchequesfordividendentitlementsordividendwarrantsbyr.13(1) postifsuchchequesorwarrantshavebeenleftuncashedontwoconsecutiveoccasions.However,theCompanymayexerciseitspowertoceasesendingchequesfordividendentitlementsordividendwarrantsafterthefirstoccasiononwhichsuchachequeorwarrantisreturnedundelivered. 22.24 Alldividendsorbonusesunclaimedforoneyearafterhavingbeendeclaredmaybeinvested Unclaimed orotherwisemadeuseofbytheBoardfortheexclusivebenefitoftheCompanyuntilclaimed dividend andtheCompanyshallnotbeconstitutedatrusteeinrespectthereoforberequiredto App3 accountforanymoneyearnedthereon.Alldividendsorbonusesunclaimedforsixyears r.3(2) afterhavingbeendeclaredmaybeforfeitedbytheBoardandshallreverttotheCompanyandaftersuchforfeiturenomemberorotherpersonshallhaveanyrighttoorclaiminrespectofsuchdividendsorbonuses. 22.25 Inrelationtoanyotherdistribution,theCompanymay,bySpecialResolutionofMembers, authoriseadistributionbytheCompanytothemembers(otherthanbywayofthepurchase, redemptionorotheracquisitionofsharesintheCompanyorbywayofdividend)atsuchtimeandofsuchanamount,providedtheBoardissatisfied,onreasonablegroundsthat,assetswill exceeditsliabilitiesandtheCompanyisabletopayitsdebtsastheyfalldue. 23 UntraceableMembers 23.1 TheCompanyshallbeentitledtosellanysharesofamemberorthesharestowhichaperson Sale ofshares isentitledbyvirtueoftransmissionondeathorbankruptcyoroperationoflawifandprovided ofuntraceable that: members a) allchequesorwarrants,notbeinglessthanthreeinnumber,foranysumspayable incashtotheholderofsuchshareshaveremaineduncashedforaperiodof12years; b) theCompanyhasnotduringthattimeorbeforetheexpiryofthethreemonthperiod referredtoinArticle23.1(d)belowreceivedanyindicationofthewhereaboutsor existenceofthememberorpersonentitledtosuchsharesbydeath,bankruptcyor operationoflaw; App3 c) duringthe12-yearperiod,atleastthreedividendsinrespectofthesharesinquestion r.13(2)a( ) havebecomepayableandnodividendduringthatperiodhasbeenclaimedbythe member;and App3 d) uponexpiryofthe12-yearperiod,theCompanyhascausedanadvertisementtobe r.13(2)b( ) publishedinthenewspapers,or,subjecttotheListingRules,byelectronic communicationinthemannerinwhichnoticesmaybeservedbytheCompanyby electronicmeansashereinprovided,givingnoticeofitsintentiontosellsuchshares, andaperiodofthreemonthshaselapsedsincesuchadvertisementandthe Exchangehasbeennotifiedofsuchintention. ThenetproceedsofanysuchsaleshallbelongtotheCompanyanduponreceiptbytheCompanyofsuchnetproceedsitshallbecomeindebtedtotheformermemberforanamountequaltosuchnetproceeds. 23.2 TogiveeffecttoanysalecontemplatedbyArticle23.1theCompanymayappointanyperson toexecuteastransferoraninstrumentoftransferofthesaidsharesandsuchotherdocumentsasarenecessarytoeffectthetransfer,andsuchdocumentsshallbeaseffectiveasifithadbeenexecutedbytheregisteredholderoforpersonentitledbytransmissiontosuchsharesandthetitleofthetransfereeshallnotbeaffectedbyanyirregularityorinvalidity intheproceedingsrelatingthereto.ThenetproceedsofsaleshallbelongtotheCompanywhichshallbeobligedtoaccounttotheformermemberorotherpersonpreviouslyentitledasaforesaidforanamountequaltosuchproceedsandshallenterthenameofsuchformer memberorotherpersoninthebooksoftheCompanyasacreditorforsuchamount.Notrustshallbecreatedinrespectofthedebt,nointerestshallbepayableinrespectofthesameandtheCompanyshallnotberequiredtoaccountforanymoneyearnedonthenetproceeds,whichmaybeemployedinthebusinessoftheCompanyorinvestedinsuchinvestmentsotherthansharesorothersecuritiesinoroftheCompanyoritsholdingcompanyifany)orastheBoardmayfromtimetotimethinkfit. 24 DocumentDestruction 24.1 TheCompanyshallbeentitledtodestroyallinstrumentsoftransfer,probate,lettersof Destructionof administration,stopnotices,powersofattorney,certificatesofmarriageordeathandother registrable documentsrelatingtooraffectingtitletosecuritiesinoroftheCompany("Registrable documents, Documents")whichhavebeenregisteredatanytimeaftertheexpirationofsixyearsfrom etc. thedateofregistrationthereofandalldividendmandatesandnotificationsofchangeof addressatanytimeaftertheexpirationoftwoyearsfromthedateofrecordingthereofandallsharecertificateswhichhavebeencancelledatanytimeaftertheexpirationofoneyearfromthedateofthecancellationthereofanditshallconclusivelybepresumedinfavouroftheCompanythateveryentryintheregisterifpurportingtohavebeenmadeonthebasisofaninstrumentoftransferorRegistrableDocumentsodestroyedwasdulyandproperlymade andeveryinstrumentoftransferorRegistrableDocumentsodestroyedwasavalidandeffectiveinstrumentordocumentdulyandproperlyregisteredandeverysharecertificatesodestroyedwasavalidandeffectivecertificatedulyandproperlycancelledandeveryotherdocumenthereinbeforementionedsodestroyedwasavalidandeffectivedocumentinaccordancewiththerecordedparticularsthereofinthebooksorrecordsoftheCompany,providedalwaysthat: a) theprovisionsaforesaidshallapplyonlytothedestructionofadocumentingood faithandwithoutexpressnoticeoftheCompanyofanyclaim(regardlessofthe partiesthereto)towhichthedocumentmightberelevant; b) nothinghereincontainedshallbeconstruedasimposingupontheCompanyany liabilityinrespectofthedestructionofanysuchdocumentearlierthanasaforesaid orinanyothercircumstanceswhichwouldnotattachtotheCompanyintheabsence ofthisArticle;and c) referenceshereintothedestructionofanydocumentincludereferencestothe disposalthereofinanymanner. 24.2 NotwithstandinganyprovisioncontainedintheseArticles,theDirectorsmay,ifpermittedby applicablelaw,authorisethedestructionofanydocumentsreferredtointhisArticleoranyotherdocumentsinrelationtoshareregistrationwhichhavebeenmicrofilmedorelectronicallystoredbytheCompanyorbytheshareregistraronitsbehalfprovidedalwaysthatthisArticleshallapplyonlytothedestructionofadocumentingoodfaithandwithoutexpressnoticetotheCompanythatthepreservationofsuchdocumentmightberelevanttoaclaim. 25 AnnualReturnsandFilings Annual TheBoardshallmaketherequisiteannualreturnsandanyotherrequisitefilingsin returnsand accordancewiththeAct. filings 26 Accounts Accountsto26.1 TheBoardshallcausetobekeptsuchbooksofaccountasarenecessarytogiveatrueand bekept fairviewofthestateoftheCompanys' affairsandtoshowandexplainitstransactionsandApp13 otherwiseinaccordancewiththeAct. PartB r.4(1) 26.2 TheCompanyshallkeepthefollowingrecordsattheofficeofitsregisteredagentoratsuch otherplaceorplaces,withinoroutsidetheBritishVirginIslands,astheDirectorsmaydetermine: a) minutesofallmeetingsandallresolutionsofmembersandofclassesofmembers; and b) minutesofallmeetingsandallresolutionsofDirectorsandcommitteesofDirectors. 26.3 registeredagent,theCompanyshallprovidetheregisteredagentwithawrittenrecordofthe physicaladdressoftheplaceorplacesatwhichtherecordsarekept.Wheretheplaceatwhichanysuchrecordsischanged,theCompanyshallprovidetheregisteredagentwiththephysicaladdressofthenewlocationoftherecordswithinfourteendaysofthechangeoflocation. 26.4 TheCompanyshallkeepthefollowingattheofficeofitsregisteredagent:: a) theMemorandumandArticlesoftheCompany; b) theregisterofmembersmaintainedinaccordancewiththeseArticlesoracopyofthe registerofmembers; c) theregisterofDirectorsmaintainedinaccordancewiththeseArticlesoracopyofthe registerofDirectors; d) copiesofallnoticesandotherdocumentsfiledbytheCompanyinthepreviousten years; e) acopyoftheregisterofchargeskeptbytheCompanypursuanttosection162(1)of theAct;and f) animprintofthecommonseal. 26.5 WheretheCompanykeepsacopyoftheregisterofmembersortheregisterofDirectorsat theofficeofitsregisteredagent,itshall: a) within15daysofanychangeintheregister,notifytheregisteredagent,inwriting,of thechange;and b) providetheregisteredagentwithawrittenrecordofthephysicaladdressoftheplace orplacesatwhichtheoriginalregisterofmembersortheoriginalregisterofDirectors iskept. WheretheplaceatwhichtheoriginalregisterofmembersortheoriginalregisterofDirectorsischanged,theCompanyshallprovidetheregisteredagentwiththephysicaladdressofthenewlocationoftherecordswithin14daysofthechangeoflocation. 26.6 Therecord,documentandregistersrequiredbytheseArticlesshallbeopentotheinspection oftheDirectorsatalltimes. 26.7 TheBoardshallfromtimetotimedeterminewhetherandtowhatextentandatwhattimes andplacesandunderwhatconditionstherecords,documentsandregistersoftheCompanyoranyofthemshallbeopentotheinspectionofmembersnotbeingDirectors,andno member(notbeingaDirector)shallhaveanyrighttoinspectanyrecords,documentsorregistersoftheCompanyexceptasconferredbytheActorauthorisedbyaResolutionofDirectors. Where 26.8 ThebooksofaccountshallbekeptattheCompanys' principalplaceofbusinessinHong accountsare Kongor,subjecttotheprovisionsoftheAct,atsuchotherplaceorplacesastheBoardthinks tobekept fitandshallalwaysbeopentotheinspectionoftheDirectors. 26.9 TheBoardshall,commencingwiththefirstannualgeneralmeetingcausetobepreparedand Annualprofit tobelaidbeforethemembersoftheCompanyateveryannualgeneralmeetingaprofitand andloss lossaccountfortheperiod,inthecaseofthefirstaccount,sincetheincorporationofthe accountand Companyand,inanyothercase,sincetheprecedingaccount,togetherwithabalancesheet balance asatthedatetowhichtheprofitandlossaccountismadeupandaDirectors'reportwith sheet App13 respecttotheprofitorlossoftheCompanyfortheperiodcoveredbytheprofitandloss PartB accountandthestateoftheCompanys' affairsasattheendofsuchperiod,anAuditors' r.4(2) reportonsuchaccountspreparedpursuanttoArticle27.1andsuchotherreportsand accountsasmayberequiredbylaw. Annualreport ofDirectors26.10 CopiesofthosedocumentstobelaidbeforethemembersoftheCompanyatanannual andbalance generalmeetingshallnotlessthan21daysbeforethedateofthemeetingbesentinthesheettobe mannerinwhichnoticesmaybeservedbytheCompanyasprovidedhereintoeverymembersentto oftheCompanyandeveryholderofdebenturesoftheCompany,providedthattheCompanymembersetc. App13 shallnotberequiredtosendcopiesofthosedocumentstoanypersonofwhoseaddressthe PartB Companyisnotawareortomorethanoneofthejointholdersofanysharesordebentures. r.3(3) App3 r.5 26.11 TotheextentpermittedbyandsubjecttoduecompliancewiththeseArticles,theActandall applicablerulesandregulations,including,withoutlimitation,therulesoftheExchange,andtoobtainingallnecessaryconsents,ifany,requiredthereunder,therequirementsofArticle 26.10shallbedeemedsatisfiedinrelationtoanymemberoranyholderofdebenturesoftheCompanybysendingtosuchpersoninsteadofsuchcopies,notlessthan21daysbeforethedateoftheannualgeneralmeeting,inanymannernotprohibitedbytheseArticlesandtheAct,asummaryfinancialstatementderivedfromtheCompanys' annualaccounts,togetherwiththeDirectors'reportandtheAuditors'reportonsuchaccounts,whichshallbeintheformandcontainingtheinformationrequiredbytheseArticles,theActandallapplicablelawsandregulations,providedthatanypersonwhoisotherwiseentitledtotheannualaccountsoftheCompany,togetherwiththeDirectors' reportandtheAuditors' reportthereonmay,ifhesorequires,bynoticeinwritingservedontheCompany,demandthattheCompanysendstohim,inadditiontothesummaryfinancialstatement,acompleteprintedcopyoftheCompanys' annualaccounts,togetherwiththeDirectors'reportandtheAuditors' reportthereon. 27 Audit Auditors 27.1 TheAuditorsshallaudittheprofitandlossaccountandbalancesheetoftheCompanyin App13 eachyearandshallprepareareportthereontobeannexedthereto.Suchreportshallbe PartB r.4(2) laidbeforetheCompanyatitsannualgeneralmeetingineachyearandshallbeopento inspectionbyanymember.TheAuditorsshallatthenextannualgeneralmeetingfollowingtheirappointmentandatanyothertimeduringtheirtermofoffice,uponrequestoftheBoardoranygeneralmeetingofthemembers,makeareportontheaccountsoftheCompanyingeneralmeetingduringtheirtenureofoffice. 27.2 TheCompanyshallatanyannualgeneralmeetingappointanauditororauditorsofthe Appointment Companywhoshallholdofficeuntilthenextannualgeneralmeeting.Theremuneration of and theAuditorsshallbefixedbytheCompanyattheannualgeneralmeetingatwhichtheyare remuneration appointedprovidedthatinrespectofanyparticularyeartheCompanyingeneralmeeting ofAuditors maydelegatethefixingofsuchremunerationtotheBoard.Nopersonmaybeappointedas the,oran,Auditor,unlessheisindependentoftheCompany.TheBoardmaybeforethefirst annualgeneralmeetingappointanauditororauditorsoftheCompanywhoshallholdofficeuntilthefirstannualgeneralmeetingunlesspreviouslyremovedbyanordinaryresolutionofthemembersingeneralmeetinginwhichcasethemembersatthatmeetingmayappoint Auditors.TheBoardmayfillanycasualvacancyintheofficeofAuditorbutwhileanysuch vacancycontinuesthesurvivingorcontinuingAuditororAuditors,ifany,mayact.TheremunerationofanyAuditorappointedbytheBoardunderthisArticlemaybefixedbytheBoard. When 27.3 EverystatementofaccountsauditedbytheAuditorsandpresentedbytheBoardatanannual accountsto generalmeetingshallafterapprovalatsuchmeetingbeconclusiveexceptasregardsany bedeemed errordiscoveredthereinwithinthreemonthsoftheapprovalthereof.Wheneveranysuch settled errorisdiscoveredwithinthatperiod,itshallforthwithbecorrected,andthestatementof accountamendedinrespectoftheerrorshallbeconclusive. 28 Notices Serviceof 28.1 ExceptasotherwiseprovidedintheseArticles,anynoticeordocumentmaybeservedby notices theCompanyandanynoticesmaybeservedbytheBoardonanymembereitherpersonally App3 orbysendingitthroughthepostinaprepaidletteraddressedtosuchmemberathis r.7(1) registeredaddressasappearingintheregisteror,totheextentpermittedbytheListingRules andallapplicablelawsandregulations,byelectronicmeansbytransmittingittoanyelectronicnumberoraddressorwebsitesuppliedbythemembertotheCompanyorby placingitontheCompanys' WebsiteprovidedthattheCompanyhasobtainedeither(a)the members' priorexpresspositiveconfirmationinwritingorb( )them inthemannerspecifiedintheListingRulestoreceiveorotherwisehavemadeavailabletohimnoticesanddocumentstobegivenorissuedtohimbytheCompanybysuchelectronic means,ori(nthecaseofnotice)byadvertisementpublishedinthemannerprescribedunder theListingRules.Inthecaseofjointholdersofashare,allnoticesshallbegiventothatholderforthetimebeingwhosenamestandsfirstintheregisterandnoticesogivenshallbesufficientnoticetoallthejointholders. 28.2 Noticeofeverygeneralmeetingshallbegiveninanymannerhereinbeforeauthorisedto: a) everypersonshownasamemberintheregisterofmembersasoftherecorddate forsuchmeetingexceptthatinthecaseofjointholdersthenoticeshallbesufficient ifgiventothejointholderfirstnamedintheregisterofmembers; b) everypersonuponwhomtheownershipofasharedevolvesbyreasonofhisbeing alegalpersonalrepresentativeoratrusteeinbankruptcyofamemberofrecord wherethememberofrecordbutforhisdeathorbankruptcywouldbeentitledto receivenoticeofthemeeting; c) theAuditors; d) eachDirectorandalternateDirector; e) theExchange;and f) suchotherpersontowhomsuchnoticeisrequiredtobegiveninaccordancewiththe ListingRules. 28.3 Nootherpersonshallbeentitledtoreceivenoticesofgeneralmeetings. Members28.4 AmembershallbeentitledtohavenoticeservedonhimatanyaddresswithinHongKong. outof AnymemberwhohasnotgivenanexpresspositiveconfirmationinwritingtotheCompany HongKong inthemannerspecifiedintheListingRulestoreceiveorotherwisehavemadeavailableto App.3 himnoticesanddocumentstobegivenorissuedtohimbytheCompanybyelectronicmeans r.7(2) andwhoseregisteredaddressisoutsideHongKongmaynotifytheCompanyinwritingofan addressinHongKongwhichforthepurposeofserviceofnoticeshallbedeemedtobehis registeredaddress.AmemberwhohasnoregisteredaddressinHongKongshallbedeemedtohavereceivedanynoticewhichshallhavebeendisplayedatthetransferofficeandshallhaveremainedthereforaperiodof24hoursandsuchnoticeshallbedeemedtohavebeenApp3 receivedbysuchmemberonthedayfollowingthatonwhichitshallhavebeenfirstsor.7(3) displayed,providedthat,withoutprejudicetotheotherprovisionsoftheseArticles,nothinginthisArticleshallbeconstruedasprohibitingtheCompanyfromsending,orentitlingtheCompanynottosend,noticesorotherdocumentsoftheCompanytoanymemberwhoseregisteredaddressisoutsideHongKong. 28.5 Anynoticeordocumentsentbypostshallbedeemedtohavebeenservedontheday Whennotice followingthatonwhichitisputintoapostofficesituatedwithinHongKongandinprovingdeemedtobe suchserviceitshallbesufficienttoprovethattheenvelopeorwrappercontainingthenoticeserved ordocumentwasproperlyprepaid,addressedandputintosuchpostofficeandacertificate inwritingsignedbytheSecretaryorotherpersonappointedbytheBoardthattheenvelopeorwrappercontainingthenoticeordocumentwassoaddressedandputintosuchpostofficeshallbeconclusiveevidencethereof. 28.6 Anynoticeorotherdocumentdeliveredorleftataregisteredaddressotherwisethanbypost shallbedeemedtohavebeenservedordeliveredonthedayitwassodeliveredorleft. 28.7 Anynoticeservedbyadvertisementshallbedeemedtohavebeenservedonthedayofissue oftheofficialpublicationand/ornewspaper(s)inwhichtheadvertisementispublished(oronthelastdayofissueifthepublicationand/ornewspaper(s)arepublishedondifferentdates). 28.8 Anynoticegivenbyelectronicmeansasprovidedhereinshallbedeemedtohavebeenservedanddelivered onthedayfollowingthatonwhichitissuccessfullytransmittedoratsuchlatertimeasmaybeprescribedbytheListingRulesoranyapplicablelawsorregulations. Serviceof28.9 AnoticemaybegivenbytheCompanytothepersonorpersonsentitledtoasharein noticeto consequenceofthedeath,mentaldisorderorbankruptcyofamemberbysendingitthrough persons thepostinaprepaidletteraddressedtohimorthembyname,orbythetitleofrepresentative entitledon ofthedeceased,ortrusteeofthebankrupt,orbyanylikedescription,attheaddress,ifany, death,mental withinHongKongsuppliedforthepurposebythepersonclaimingtobesoentitled,oru( ntil disorderor suchanaddresshasbeensosupplied)bygivingthenoticeinanymannerinwhichthesame bankruptcyof mighthavebeengivenifthedeath,mentaldisorderorbankruptcyhadnotoccurred. amember Transferee28.10 Anypersonwhobyoperationoflaw,transferorothermeanswhatsoevershallbecome boundby entitledtoanyshareshallbeboundbyeverynoticeinrespectofsuchsharewhichpriortoprior notices hisnameandaddressbeingenteredontheregistershallhavebeendulygiventothepersonfromwhomhederiveshistitletosuchshare. 28.11 AnynoticeordocumentdeliveredorsenttoanymemberinpursuanceoftheseArticles,shall Noticevalid notwithstandingthatsuchmemberbethendeceasedandwhetherornottheCompanyhasthough noticeofhisdeathbedeemedtohavebeendulyservedinrespectofanyregisteredshares member deceased whetherheldsolelyorjointlywithotherpersonsbysuchmemberuntilsomeotherpersonbe registeredinhissteadastheholderorjointholderthereof,andsuchserviceshallforallpurposesoftheseArticlesbedeemedasufficientserviceofsuchnoticeordocumentonhis personalrepresentativesandallpersons(ifany)jointlyinterestedwithhiminanysuchshares. How 28.12 ThesignaturetoanynoticetobegivenbytheCompanymaybewrittenorprintedbymeans noticeto offacsimileor,whererelevant,byElectronicSignature. besigned 29 Information Memberno2t 9.1 Nomembershallbeentitledtorequirediscoveryoforanyinformationinrespectofanydetail entitledto oftheCompanys' tradingoranymatterwhichisormaybeinthenatureofatradesecretor information secretprocesswhichmayrelatetotheconductofthebusinessoftheCompanyandwhich intheopinionoftheBoardwouldnotbeintheinterestsofthemembersortheCompanytocommunicatetothepublic. Directors 29.2 TheBoardshallbeentitledtoreleaseordiscloseanyinformationinitspossession,custody entitledto orcontrolregardingtheCompanyoritsaffairstoanyofitsmembersincluding,withoutdisclose limitation,informationcontainedintheregisterofmembersandtransferbooksoftheinformation Company. 30 WindingUp Powerto 30.1 IftheCompanyshallbewoundup(whethertheliquidationisvoluntary,undersupervisionor distribute bythecourt)theliquidatormay,withtheauthorityofaSpecialResolutionofMembersofthe assetisn CompanyandanyothersanctionrequiredbytheActdivideamongthememberisnspecie specie orkindthewholeoranypartoftheassetsoftheCompany(whethertheassetsshallconsist following ofpropertyofonekindorshallconsistofpropertiesofdifferentkinds)andmayforsuch liquidation purposesetsuchvalueashedeemsfairuponanypropertytobedividedandmaydeterminehowsuchdivisionshallbecarriedoutasbetweenthemembersordifferentclassesof members.Theliquidatormay,withthelikeauthorityorsanctionvestthewholeoranypartofsuchassetsintrusteesuponsuchtrustsforthebenefitofthemembersastheliquidator,withthelikeauthorityorsanctionandsubjecttotheAct,shallthinkfit,andtheliquidationoftheCompanymaybeclosedandtheCompanydissolved,butsothatnomembershallbecompelledtoacceptanyassets,sharesorothersecuritiesinrespectofwhichthereisaliability. Distribution30.2 IftheCompanyshallbewoundup,andtheassetsavailablefordistributionamongstthe ofassetsin membersassuchshallbeinsufficienttorepaythewholeoftheamountspaiduponthe liquidation issuedsharesintheCompany,suchassetsshallbedistributedsothat,asnearlyasmaybe, thelossesshallbebornebythemembersinproportiontothenominalvalueofsuchshares,orwhichoughttohavebeenpaidup,atthecommencementofthewindingupontheshares heldbythemrespectively.AndifinawindinguptheassetsavailablefordistributionamongstthemembersshallbemorethansufficienttorepaythewholeoftheamountspaidupontheissuedsharesintheCompanyatthecommencementofthewindingup,theexcessshallbe distributedamongstthemembersinproportiontothenominalvalueofsuchsharesatthe commencementofthewindinguponthesharesheldbythemrespectively.ThisArticleisto bewithoutprejudicetotherightsoftheholdersofsharesissueduponspecialtermsandconditions. 30.3 Intheeventofawinding-upoftheCompanyinHongKong,everymemberoftheCompany Serviceof whoisnotforthetimebeinginHongKongshallbebound,within14daysafterthepassing process ofaneffectiveresolutiontowinduptheCompanyvoluntarily,orthemakingofanorderfor thewinding-upoftheCompany,toservenoticeinwritingontheCompanyappointingsomepersonresidentinHongKongandstatingthatpersons' fullname,addressandoccupationuponwhomallsummonses,notices,process,ordersandjudgmentsinrelationtoorunderthewinding-upoftheCompanymaybeserved,andindefaultofsuchnominationtheliquidatoroftheCompanyshallbeatlibertyonbehalfofsuchmembertoappointsomesuchperson,andserviceuponanysuchappointee,whetherappointedbythememberortheliquidator,shallbedeemedtobegoodpersonalserviceonsuchmemberforallpurposes,and,wheretheliquidatormakesanysuchappointment,heshallwithallconvenientspeedgivenoticethereoftosuchmemberbyadvertisementasheshalldeemappropriateorbyaregisteredlettersentthroughthepostandaddressedtosuchmemberathisaddressasappearingintheregister,andsuchnoticeshallbedeemedtobeserviceonthedayfollowingthatonwhichtheadvertisementfirstappearsortheletterisposted. 31 Indemnities 31.1 EveryDirector,AuditororotherofficeroftheCompanyshallbeentitledtobeindemnifiedout Indemnities oftheassetsoftheCompanyagainstalllossesorliabilitiesincurredorsustainedbyhimas ofDirectors aDirector,AuditororotherofficeroftheCompanyindefendinganyproceedings,whether andofficers civilorcriminal,inwhichjudgmentisgiveninhisfavour,orinwhichheisacquitted. 31.2 SubjecttotheAct,ifanyDirectororotherpersonshallbecomepersonallyliableforthe paymentofanysumprimarilyduefromtheCompany,theBoardmayexecuteorcausetobeexecutedanymortgage,charge,orsecurityoveroraffectingthewholeoranypartoftheassetsoftheCompanybywayofindemnitytosecuretheDirectororpersonsobecomingliableasaforesaidfromanylossinrespectofsuchliability. 32 FinancialYear Financialyear ThefinancialyearoftheCompanyshallbeprescribedbytheBoardandmay,fromtimeto time,bechangedbyit. 33 AmendmentofMemorandumandArticles Amendmentof SubjecttotheAct,theCompanymayatanytimeandfromtimetotimebySpecialResolution Memorandum ofMembersalteroramenditsMemorandumandtheseArticlesinwholeorinpart,except andArticles theCompanymayamendtheMemorandumandtheseArticlestoincreasethemaximum App13 PartB numberofsharestheCompanyisauthorisedtoissuebyResolutionofMembers. r.1 We,MOSSACKFONSECA&CO.B( .V.I.)LTD.,ofP.O.Box3136,RoadTown,Tortola,BritishVirgin IslandsforthepurposeofincorporatingaBVIBusinessCompanyunderthelawsoftheBritishVirginIslandsherebysigntheseArticlesofAssociationthe1t7hdayofSeptember,2007. Incorporator Sgd.RosemarieFlax RosemarieFlax AuthorisedSignatory MOSSACKFONSECA&CO.B( .V.I.)LTD.